-22-
The purpose of these checks is unclear from the record.
Petitioners did not report any of the above amounts on their 1991
Schedule C.
During 1990 and 1991, petitioners paid the following amounts
to the Chornys:
Date Payee Amount Memo
01/19/90 Vladimir Chorny$ 2,025 5,000 for stock @ 18� per share
01/19/90 Vladimir Chorny5,000 None
06/24/91 Margarita Chorny 30,000 Lisa Shumin loan 1 year
09/20/91 Vladimir Chorny9,000 None
15 Hastings
On November 10, 1986, petitioners acquired Lots 20 and 22 in
Block 212 of Huntington Beach, California (13th Street), for
$225,000. On October 30, 1989, petitioners opened escrow on
their purchase of 15 Hastings, Laguna Niguel, California
(15 Hastings), for $610,000. Petitioners considered 15 Hastings
to be the property that replaced the 13th Street property.
On or about November 15, 1989, petitioners obtained a
$390,000 loan from World Savings and Loan Association (World
Savings) and used the proceeds from this loan to acquire
15 Hastings. The World Savings loan was secured by a first trust
deed on 15 Hastings. On November 20, 1989, escrow closed for
petitioners' acquisition of 15 Hastings.
On November 1, 1989, petitioners and the Woods executed a
four-page document entitled "Lease Option" for 15 Hastings. The
Woods were in the midst of a divorce, and Catherine Wood
(Mrs. Wood) needed a place to live. At this same time, the Woods
were trying to sell their marital residence. The Lease Option
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