- 3 - all Rule references are to the Tax Court Rules of Practice and Procedure. FINDINGS OF FACT Some facts have been stipulated and are so found. The stipulation of facts, with attached exhibits, is incorporated herein by this reference. Residence At the time of filing the petition, petitioners resided in Wellington, Florida. The Corporation The corporation in question is Palm Beach Furniture Co., Inc., a Florida corporation (the corporation). The corporation is a calendar-year taxpayer. The Bank Monroe Bank and Trust (the bank) is an institution whose address is in Monroe, Michigan. The Loan Agreement By agreement dated October 28, 1994 (the loan agreement), the bank agreed to lend the corporation $1.2 million (the loan). Among other things, the loan agreement provides that the term of the loan is 6 years, the interest rate is 8 percent, and approximately $250,000 of principal will be repaid during the loan term (leaving a principal balance of $947,835.50 to be paid at maturity). The loan agreement also provides:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011