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$55,753 and $275,000 Loans From TexAmBkSW and TexGuarantyBk
In 1986, a $55,753 loan was obtained from Texas American Bank
South West (TexAmBkSW) on behalf of 2618 Inc but nominally in the
name of petitioner.
In 1987, a $275,000 loan was obtained from Texas Guaranty
National Bank (TexGuarantyBk) on behalf of 2618 Inc but nominally in
the name of petitioner.
The $55,753 in loan proceeds received from TexAmBkSW was used in
1986 to pay a portion of Helmle’s legal fees owed to petitioner. On
his 1986 Federal income tax return, petitioner reported his receipt
of the $55,753 as taxable income.
In 1987 and 1988, petitioner received additional funds from 2618
Inc that he used to make payments of principal and interest to
TexAmBkSW on the $55,753 loan. The following schedule reflects for
1987 and 1988 the funds that petitioner received from 2618 Inc to
make payments on the $55,753 loan and the principal and interest that
petitioner paid to TexAmBkSW on the loan.
Funds Paid to
Funds Received TexAmBkSW on $55,753 Loan
Year from 2618 Inc As Principal As Interest
1987 $27,500 $23,272 $4,228
1988 10,000 9,598 402
The $275,000 in loan proceeds received from TexGuarantyBk was
used on behalf of 2618 Inc to redeem a 50-percent stock interest in
2618 Inc that was held by Spiro Kalantzakis.
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Last modified: May 25, 2011