- 18 - Loans Receivable Loans Payable TYE Stockholder Fred Sutton Mrs. Sutton Fred Sutton 09-30-86 $42,760.61 $1,000.00 --- $ 1,536.17 09-30-87 136,158.90 2,536.17 $87,964.71 --- 09-30-88 148,637.57 2,536.17 60,505.01 12,000.00 09-30-89 128,877.95 2,536.17 59,908.40 57,000.00 The corporate petitioner reported liabilities to commercial lenders on these financial statements. The corporate petitioner's U.S. Corporation Income Tax Returns show the following amounts at the end of the respective taxable years: TYE Loans to Shareholder Loans from Shareholder* 09-30-86 $42,760.61 -0- 09-30-87 136,158.90 $87,964.71 09-30-88 148,637.57 60,505.01 09-30-89 128,877.95 59,908.40 09-30-90 110,262.77 59,908.40 *These were actually loans from Mrs. Sutton who was not a shareholder. The Suttons' North Carolina Intangible Personal Property Tax Returns for the years 1987 through 1990 do not show any loans from Mr. Sutton to the corporate petitioner, nor do they show any loans from the corporate petitioner to Mr. Sutton. Those intangibles returns do reflect a $90,000 loan from Mrs. Sutton to the corporate petitioner; the value of that debt at the end of each year was indicated as: Year Value 1987 $60,505.01 1988 60,505.01 1989 59,908.40Page: Previous 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Next
Last modified: May 25, 2011