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Petitioners claim to have received loans from the six
nontestifying relatives of an aggregate $808,000. The only
evidence of these loans was documents signed by petitioner Chung
Kim purporting to be promissory notes. These “notes” had no
stated interest or repayment date, were not notarized, and were
not signed by the purported lenders. They evidence neither
genuine indebtedness nor actual receipt of any loan proceeds by
petitioners.
Petitioners presented no evidence as to the source of the
funds for such loans, or as to when, or by what means, the funds
were transferred. Petitioners also did not explain why they
never made any interest or principal payments on the loans.
Absent any testimony by the named individuals, or any supporting
documentary evidence, petitioners have failed to prove the
existence of any of the $808,000 in loans alleged to have been
made by the non-testifying lenders.
b. Bok Rye Kim’s Testimony
Bok Rye Kim (Bok Kim), who is Chung Kim’s niece, testified
that she transferred an inheritance of 350 million won
(approximately $440,000) to petitioners in incremental amounts
between the end of 1992 and the end of 1993. She testified
further that she lent petitioners 400 million won (approximately
$492,000) which she transferred to them incrementally between
early 1993 and 1994.
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