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With respect to the $15,000 cashier’s check issued by Home
Savings of America cashed by petitioner on December 4, 1991,
petitioner contends that that check represented a business loan
from Mr. Reingatch.52 In support of that contention, petitioner
relies on his self-serving testimony and three checks in the
respective amounts of $7,500, $5,000, and $1,742, which he issued
to Mr. Reingatch and which he contends represented repayments of
the alleged $15,000 business loan from Mr. Reingatch. We are not
required to, and we shall not, rely on petitioner’s testimony
regarding the $15,000 cashier’s check in question. On the
instant record, we are not persuaded that Mr. Reingatch provided
the funds used to purchase that cashier’s check and that the
three checks from petitioner to Mr. Reingatch, which total
$14,242, represented repayments of the alleged $15,000 business
loan from Mr. Reingatch.53 On the record before us, we find that
51(...continued)
testimony from Mr. Vulis regarding the $5,000 check from that
organization that petitioner contends represented a business loan
from it. We infer from petitioner’s failure to elicit any such
testimony that any such testimony would not have been favorable
to petitioner’s position with respect to that alleged business
loan. We also note that petitioner did not offer into evidence
any credible documentary evidence establishing that the Jan. 14,
1994 deposit of $5,000 represented a business loan from Amuke
Group. We infer from petitioner’s failure to proffer any such
documentary evidence that any such documentary evidence does not
exist and that, if any such documentary evidence did exist, it
would not have substantiated petitioner’s position with respect
to that alleged loan.
52According to petitioner, Mr. Reingatch was deceased as of
the time of the further trial in this case.
53Petitioner could have issued the three checks to Mr.
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