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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 59,908.40
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