- 7 -
the record, no one but Ward was willing to extend credit to them.
Ward did not require them to provide collateral.
Around 1986 or 1987, Major Thomas (Thomas) was a cabbage
farmer who owed Ward some money. Ward helped Thomas to obtain
financing by signing a bank note with Thomas.
Charles C. Owen, Jr., and a Mr. Parker owned farms. At a
time not specified in the record, they could not pay their bills
to petitioner. Ward helped them to obtain financing by signing a
note (not otherwise described in the record) with Owen and Parker
Farms.
Around 1993, Ward told Wells that a farmer named Morgan owed
money to Ward but that Morgan did not have enough equipment to
operate his farm. Ward asked Wells to use Wells' equipment to
plant potatoes on Morgan's land so that Morgan could repay Ward.
Ward furnished all of the chemicals and advanced a salary to
Morgan. Wells and Ward operated the harvester. Wells agreed to
help Morgan because Ward had done a lot for Wells. Morgan did
not pay Wells for his help. Ward and Wells also helped two other
unnamed farmers at times not described in the record.
Ward died on September 12, 1994. Most of the farmers in the
Hastings area attended his funeral.
D. Petitioner's Financial Statements and Tax Returns
1. Financial Statements
Petitioner used the cash method of accounting for its income
tax returns and some of its financial statements. Petitioner
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011