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petitioners’ lawsuit against their accountant, Gil Brown, that
she did not recall any specific incidents of lending money to the
corporation. Estate of Spear v. Commissioner, T.C. Memo. 1993-
213 (slip op. at 41). Petitioners had no documents which
corroborate their contention that the loans were made; there are
no notes evidencing the loans or records of payments on the
loans; the loans were not shown in the books and records of
petitioners’ corporations; and there is no evidence that
collateral was requested or interest was charged. Estate of
Spear v. Commissioner, T.C. Memo. 1993-213 (slip op. at 40-42).
To show that funds received were loan repayments,
petitioners must show that the loans were bona fide. This
depends on all the facts and circumstances; generally no one fact
is determinative. John Kelley Co. v. Commissioner, 326 U.S. 521,
530 (1946). Petitioner did not testify that petitioners intended
their expenses for their parking lots to be loans. There is no
evidence that there were any fixed maturity dates for repayment
of the money petitioners gave to the corporations. Considering
petitioner’s testimony and the entire record, we continue to
conclude that petitioners did not make bona fide loans to their
corporations.
We do not conclude that our finding that petitioners had
$200,000 in cash on December 31, 1974, means that respondent’s
determination of petitioners’ opening net worth failed to be made
with the requisite “reasonable certainty”. Holland v. United
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