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informed Caesar’s that he would pay the debt during his next trip
to the casino. The debt was paid by cash and personal check on
May 4, 1985. On May 5, 1985, Caesar’s extended $110,000 of
credit to petitioner. On that date, a payment of $80,000 was
made by personal check. On May 6, 1985, Caesar’s extended an
additional $80,000 of credit to petitioner. On that date, a
payment of $80,000 was made by personal check drawn on a business
account. On May 7, 1985, Caesar’s extended additional credit of
$80,000 to petitioner. Caesar’s also paid petitioner’s airfare
for the May 1985 trip.
On October 11, 1985, a payment of $110,000 was made on
petitioner’s account by personal check. On October 12, 1985,
Caesar’s extended credit of $85,000 to petitioner. On that date,
a payment of $75,000 was made on petitioner’s account by personal
check. On October 13, 1985, Caesar’s extended $240,000 of credit
to petitioner. Caesar’s paid petitioner’s airfare for his
October 1985 trip to the casino.
Beginning no later than November 1985, Caesar’s repeatedly
contacted petitioner concerning repayment of the amounts owed.
During October, November, and December 1985, the $110,000 and
$75,000 checks were deposited by Caesar’s, returned, redeposited,
and returned again because of either a missing endorsement or
insufficient funds. Caesar’s posted the check for $110,000 as
returned on December 9, 1985, and the check for $75,000 as
returned on December 10, 1985, and increased the balance owed by
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