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Fedewa Enterprises $20,638
Fedewa Realty World 435
Construction Redi-Mix 3,229
Fedewa Builders 72,371
FCC 165
Total $96,838[1]
1 Petitioner’s pro rata share of the accounts receivable is
$64,559 based upon his two-thirds interest in BBJ. (2/3 X
$96,838 = $64,559)
The following is a schedule of BBJ’s notes receivable ledger from
1976 through 1988:
Year Notes Receivable Principal
1976 $5,008.92
1977 32,956.41
1978 55,022.53
1979 109,540.00
1980 105,495.00
1981 91,794.00
1982 87,942.00
1983 87,895.00
1984 96,588.00
1985 96,838.00
1986 96,838.00
1987 96,838.00
1988 96,838.00
No payments of interest or principal were received after 1984.
Petitioner could not explain the origin of the initial $5,008.92
note receivable in 1976. The 1978 note receivable is reflected
in the 1977 year-end amount listed above. Besides the 1978 note
receivable, there is no documentation memorializing any additions
to principal or income and/or principal paid. Moreover, the
record does not provide a description of the surrounding
circumstances or the purpose for the increases in the notes
receivable account.
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Last modified: May 25, 2011