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On June 1, 1989, petitioner and Mr. Troue filed a New York State
certificate of partnership with the County Clerk of Rensselaer
County, New York, the county in which NTG’s office was located.
During 1989, petitioner and Mr. Troue generally held
themselves out to the public as doing business as partners under
the name of NTG. Petitioner and Mr. Troue used stationery
bearing the name of NTG and placed advertisements for their legal
services under the name of NTG. Petitioner and Mr. Troue
maintained a joint bank account under the name of NTG. During
1989, one set of books and records was maintained with respect to
the income and expenses of NTG. Although no formal written
partnership agreement was entered into by petitioner and
Mr. Troue regarding NTG, petitioner and Mr. Troue understood that
income and expenses with respect to their practice were to be
shared.
During the summer of 1989, petitioner made contributions
totaling $16,300 to the capital of NTG.
On June 9, 1989, petitioner and Mr. Troue obtained a loan of
$15,000 from Marine Midland Bank, N.A., to fund the working
capital and payroll of NTG. NTG’s books and records reflected
that the $15,000 bank loan was made directly to NTG. During
1989, payments totaling $5,004 were made on this loan from funds
in the bank account of NTG.
On August 3, 1989, the former partners of NTGO, as part of
the process of winding up NTGO’s business affairs, transferred
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