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The evidence establishes that, after 1988, EPL continued to
operate as a business. Petitioner continued to seek a sale of
the stock of EPL, and EPL conducted ongoing business activity.
In 1989, a new business plan for EPL was formulated, and in 1992
a public offering of EPL stock occurred. Significantly, after
1988, petitioner continued to transfer funds to EPL. The
evidence does not demonstrate that EPL's purported debt to
petitioner became worthless in 1988.
For the reasons stated,
Decision will be entered for
respondent.
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