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In 1991, petitioners sold the minimarket (at a profit) for
$355,000.
Stanton Mexicatessen Restaurant
On January 7, 1992, petitioners purchased Stanton
Mexicatessen, a restaurant located in Stanton, California, for
$355,000 (an apparent coincidence) from Sonia Finkelstein. To pay
for the restaurant, petitioners obtained a $100,000 loan from First
International Bank (secured by petitioners' residence), received
$85,000 in seller's financing (which was to be repaid at an
interest rate of 10 percent by January 7, 1995), and paid the
balance of the purchase price in cash, including the funds from Ms.
Eagatatt's home equity loan.
Petitioners maintained two business checking accounts1 for the
operation of Stanton Mexicatessen. The first account (No. 0273-
15832) was held at Sanwa Bank (the Sanwa business checking
account). Petitioners, along with Somphob (Sam) Osathanond
(petitioners' nephew who assisted in the operation of the
restaurant), were signatories on this account. The second account
(No. 04422-09516) was held at Bank of America. This latter account
was opened on June 1, 1992, and closed on November 18, 1992. In
operating the restaurant, petitioners did not deposit all cash
1 Petitioners also maintained personal checking and
savings accounts at Sanwa Bank, Bank of America, and First
Central Bank.
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