Daniel J. Culnen - Page 6




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          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                               





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