- 6 -
to, petitioner’s purchase from a Dr. Nagel of Dr. Nagel’s
interest in Wedgewood, in amounts totaling $568,152.17 (the six
checks).4 The payments represented by the six checks were shown
on the books of Culnen & Hamilton as officer loans.
On eight occasions, from April 1987 through December 1991,
Culnen & Hamilton paid certain other amounts, at least some of
which related to petitioner’s investment in Wedgewood in amounts
totaling $737,733.27 (the eight payments).5 The payments
represented by the eight payments were shown on the books of
Culnen & Hamilton as officer loans.
For 1987 through 1989, Wedgewood recorded on its books
interest due to petitioner in the amounts of $38,991.08,
$250,918.44, and $326,160.97, respectively (for a total of
$616,070.49.)
4 The amounts for each year are as follows:
Year Amount
1987 $335,000.00
1989 80,214.07
1990 152,938.10
Total $568,152.17
5 The amounts for each year are as follows:
Year Amount
1987 $72,143.21
1988 300,000.00
1989 202,000.00
1990 135,061.97
1991 28,528.09
Total 737,733.27
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011