- 17 - of * * * money that he had taken out of the box. It was just every time we came up with a specific expenditure item that * * * [petitioner] had, he stated that the money came out of the ammunition box.” At trial, under cross-examination petitioner testified that he removed a total of approximately $72,000 from the ammunition box in 1990. Yet this figure is double the amount implied by the source and application of funds computations on which petitioner and respondent agree. On brief petitioner reproduces the results of those computations as follows: 1990 reported income4 $42,229 unreported income 21,698 63,927 reported expenses 100,590 Amount I borrowed from estate funds -36,663 If, as petitioner maintains, he borrowed money from his father’s inheritance with the understanding that he was obligated to repay it, presumably he would have kept track of how much debt he was incurring. Petitioner questions the plausibility of respondent’s explanation for the amounts in controversy. He asserts that, owing to severe crop damage caused by Hurricane Hugo in 1989, his 4 “Reported income” is a mischaracterization. This amount corresponds to the total available funds reported. See the schedule set forth in our Findings of Fact.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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