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significant payments to various banks. The payments apparently
related to various personal and business obligations that petitioner
owed to the banks, such as petitioner’s guaranty of the $705,000
TexCommBk loan. Petitioner's books and records, however, and the
evidence herein, generally fail to establish either the specific
nature of the payments (whether principal or interest) and/or the
specific nature of the related debt obligations (whether personal or
business). The schedule below summarizes the payments that
petitioner made to the various banks and, where established in the
record, indicates the general nature of the payments:
Bank Nature of Payments 1987 1988
TexGuarantyBk $119,146 $ 58,702
TexCommBk Guarantor $705,000 Debt 76,361 19,139
TexCommBk 16,763 11,669
TexAmBkSW 7,254 10,361
Merabank Mortgage on Residence 19,402 30,666
Savings Banc 3,658 4,482
Other Banks 27,069 250
Total $269,653 $135,269
Forms 1099-INT that respondent received relating to petitioner
for 1987 and 1988 indicate that petitioner paid the following
interest expenses:
Interest Paid
Bank 1987 1988
Merabank $15,965 $27,397
TexGuarantyBk 9,204 12,251
TexCommBk 13,526 20,336
TexAmBkSW 7,254 --
Savings Banc 2,079 --
Total $48,028 $59,984
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