- 15 - October 4, 1991, when petitioner made the 1991 principal payment and the 1991 interest payment. Petitioners counter that respon- dent stipulated at trial that those proceeds were invested, and therefore are traceable to an investment expenditure, throughout that period. We agree with petitioners. During the direct examination of petitioners' accountant, David B. Harbison (Mr. Harbison), by petitioners' counsel, Mr. Rice, the following exchanges took place: BY MR. RICE: Q Mr. Harbison, it has been previously testified while you were out of the courtroom that in June 1982 Dr. Hickman [petitioner] borrowed $130,000 from a retirement plan. A That is correct. Q That -- several years later, during a year at issue, he repaid it with interest. Could you tell us, as succinctly as possible, referring to that document, the manner in which the proceeds of this loan were invested and held during the intervening years? A Certainly. I will try. MS. MOATES: Excuse me, Your Honor. The Respon- dent is willing to stipulate, and has expressed a willingness to stipulate, that the $130,000 that was borrowed from the pension plan in 1982 was, in fact, invested. MR. RICE: Thank you. THE COURT: What more do you need? MR. RICE: We need nothing more. [Emphasis added.]Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
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