- 22 - During some portion of the years in issue, petitioners maintained the following CD accounts at Sunbelt Savings: Account Name Account No. Dennis Gandy 1-03-00006962 Dennis Gandy 1-03-00006970 Dennis Gandy 1-03-00007002 Dennis Gandy, Trustee for Carolyn or Dominick Gandy1-03-00006988 Dennis Gandy, Trustee for Carolyn or Dominick Gandy1-03-00007218 The first four CD’s listed above were funded with the proceeds from the SBA loans. Petitioners deposited a few mortgage payments into account No. 1-03-00007218, along with the interest from the other four CD’s. Petitioners transferred funds from this CD account to the nursery bank account as follows: Date Amount July 25, 1985 $45,000.00 Nov. 25, 1985 20,000.00 July 8, 1986 20,000.00 Oct. 1, 1986 23,158.12 Petitioners closed all five CD accounts at Sunbelt Savings on April 16, 1987. The proceeds were used to reduce the balance of the PCA loans and to pay off the December 18, 1986, loan for $90,000, and the August 1, 1986, loan for $90,000. During some portion of the years in issue, four CD accounts were maintained with the First National Bank of Canton styled "Carolyn Gandy" (account Nos. 50-5668-4, 50-5669-2, 50-5827-6, 50-5847-4). The four CD’s that established those four accounts were purchased during 1987 for a total of $10,800, $8,400 of which was presented in cash.Page: Previous 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Next
Last modified: May 25, 2011