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had paid to U.S. National Bank as a repayment for loans that had
been made by that bank to K & H and that had been personally
guaranteed by both petitioner and Mr. Kabeiseman; (2) $41,731
that Mr. Kabeiseman had paid to a contractor for completion of
the construction of certain houses so that the proceeds from the
sale of those houses could be utilized to repay loans that had
been made to K & H by Washington Federal and that had been
personally guaranteed by both petitioner and Mr. Kabeiseman; and
(3) $3,270 which Mr. Kabeiseman had paid to a K & H creditor
named A-Boy Stores and for which petitioner had agreed to reim-
burse Mr. Kabeiseman.
On January 2, 1992, Mr. Kabeiseman and petitioner entered
into a settlement agreement (settlement agreement) with respect
to the lawsuit under which petitioner paid Mr. Kabeiseman
$37,500. In that settlement agreement, in consideration for the
payment of $37,500 by petitioner to Mr. Kabeiseman, Mr.
Kabeiseman agreed to "release, acquit, and forever discharge
CHARLES R. HARP of * * * any and all claims that were or could
have been brought" by Mr. Kabeiseman in that lawsuit. Mr.
Kabeiseman considered that settlement agreement to end all
disputes between him and petitioner.
Petitioners' 1989 and 1990 Returns
Petitioners filed returns for 1989 and 1990 that were signed
by them and by Francis J. Bernard (Mr. Bernard) as return pre-
parer.
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