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FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Certain other facts were deemed admitted pursuant to either Rule
37(c)2 or Rule 90(c).3
Petitioner resided in Reno, Nevada, at the time the petition
was filed.
On or about March 6, 1986, petitioner lent $75,000 to 551
Lytton Avenue Associates, a California limited partnership
(Partnership). (We shall refer to that $75,000 loan as the
Miller loan.) At all relevant times, Philip Wire (Mr. Wire) and
Barbara J. Turner (Ms. Turner) were general partners of Partner-
ship. At no time was petitioner a partner of Partnership.
Partnership was obligated to pay petitioner a total of
$82,500 on the due date of the Miller loan consisting of $75,000
in principal and $7,500 in points. In addition, the Miller loan
1(...continued)
resolution flows automatically from our resolution of the bad
debt issue.
2All Rule references are to the Tax Court Rules of Practice
and Procedure. All section references are to the Internal
Revenue Code (Code) in effect for the year at issue.
3Pursuant to Rule 90(c), petitioner is deemed to have admit-
ted, inter alia, that he made the loan involved here on or about
Mar. 6, 1988. However, the stipulation of facts filed in this
case establishes that petitioner made that loan on or about Mar.
6, 1986, and not on or about Mar. 6, 1988. We therefore modify
the deemed admission relating to the date on which petitioner
made the loan in question to reflect the correct date. See Rule
90(f).
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