Robert C. Coborn, Sr. - Page 4

                                        - 4 -                                         

          unspecified amount of funds to EPL and that EPL would repay the             
          funds on demand with interest at a rate of 14 percent per annum.            
               On petitioner's Federal income tax returns for the years in            
          issue, the reporting of interest income by petitioner relating to           
          funds petitioner received from EPL and relating to the alleged              
          loans petitioner purportedly made to EPL is erratic and                     
          inconsistent.  In some years, petitioner received no funds from             
          EPL, but petitioner reported on his income tax returns interest             
          income received from EPL.  In other years, petitioner reported on           
          his income tax returns more or less in interest income than the             
          total funds he received from EPL.  In some years, petitioner                
          reported none of the funds he received from EPL as interest                 
          income.  The schedule below indicates, for some years, the                  
          amounts of funds petitioner apparently received from EPL and the            
          amounts petitioner reported on his respective Federal income tax            
          returns as interest income received from EPL:                               

                         Funds Petitioner Received     Funds Reported As              
               Year      From EPL                      Interest Income                
               1979           -0-                      $ 4,965                        
               1984           $ 2,400                       6,286                     
               1985                -0-                 14,125                         
               1986           52,469                        -0-                       
               1987           45,267                        3,600                     
               1988           48,454                        6,000                     

               On a final decree of divorce between petitioner and his wife           
          dated January 12, 1987, it is stated that petitioner is awarded             
          debt owed by EPL to him in the amount of $591,606.                          




Page:  Previous  1  2  3  4  5  6  7  8  9  Next

Last modified: May 25, 2011