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November of 1996 owned all outstanding shares. LINKS, also a
subchapter C corporation, was formed with the intention of
opening and operating a golf course.
During the 1990’s, Mr. Combrink received various amounts
from COST which were treated as loans from the corporation to Mr.
Combrink. In two instances, promissory notes payable to COST
were signed by Mr. Combrink. A note in the amount of $56,404.47
was signed on December 31, 1992, and a note for $17,000.00 was
signed on December 31, 1993. Additional loan amounts were
reflected on the corporate records as accounts receivable due
from Mr. Combrink. As of May 25, 1995, the balance of COST’s
accounts receivable from shareholders was $11,000.00.
Thereafter, during 1995 and 1996, this balance was increased as a
result of transactions taking one of two forms.
First, in 1995, COST repaid sums owed to third parties by
Mr. Combrink in his personal capacity, as follows:
Date Amount
May 26, 1995 $16,362.98
August 31, 1995 15,729.17
December 20, 1995 11,228.64
December 29, 1995 1,102.37
Total $44,423.16
The August 31, 1995, payment was made in satisfaction of amounts
owed by Mr. Combrink to a loan broker who had assisted in finding
a lender to finance LINK’s operations. The December 20, 1995,
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Last modified: May 25, 2011