- 10 -
in monthly installments of principal and interest totaling $182.
On or about October 5, 1988, petitioner borrowed $5,351, the
same principal amount as the October 5 note, from Air Defense
Center Federal Credit Union (ADCFCU loan). The ADCFCU loan bore
the same annual percentage interest rate as the October 5 note.
On October 7, 1988, petitioner borrowed $5,020, the same princi-
pal amount as the October 7 note, from Norwest Financial New
Mexico, Inc. (Norwest loan). The Norwest loan bore the same
annual percentage interest rate as the October 7 note. During
1989, petitioner repaid the ADCFCU loan and the Norwest loan by
using $9,966 that he borrowed from White Sands Federal Credit
Union (White Sands loan) at an annual percentage interest rate of
13 percent.
Claimed Nonbusiness Bad Debt of Mr. McWilliams
On December 15, 1987, Robert L. McWilliams (Mr. McWilliams)
signed a note (Mr. McWilliams' note) that stated that he was to
repay Nathanael Roman $4,500 at an annual percentage interest
rate of 12 percent in monthly installments of principal and
interest totaling $275. Mr. McWilliams did not pay any principal
or interest on that note. When petitioner learned during 1989
that Mr. McWilliams was unable to pay certain creditors, he
determined that Mr. McWilliams did not intend to pay the princi-
pal and interest on Mr. McWilliams' note.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011