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prior years, petitioner does not know the amounts of those losses
that were claimed.
Petitioner testified that from 1983 to 1989 he lent EBS
approximately $52,000, which he had borrowed from the Fort Wayne
National Bank (the bank), and that EBS repaid approximately
$36,000. Petitioner introduced into evidence 11 bank notes that
he contends represent his loans from the bank, the proceeds of
which he in turn lent to EBS. Of these notes, two $5,500 notes
and a $3,000 note are clearly renewals of earlier executed loans.
Another note indicates that the proceeds were used in part to pay
off another loan.
On their 1991 and 1992 joint Federal income tax returns
petitioners claimed carryover losses from EBS in the amounts of
$10,781 and $24,400, respectively. Respondent disallowed those
losses.
Overpayments
Petitioners filed their 1991 joint Federal income tax return
on April 18, 1995. Petitioners claimed an overpayment of $2,148
that they requested be refunded to them. On April 18, 1995,
respondent applied the claimed overpayment to an outstanding
liability for a "responsible person" liability assessed against
petitioner pursuant to section 6672 during 1989. In September of
1995, petitioners filed an amended Federal income tax return for
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