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During 1991, petitioner paid a total of $1,000 to Doc of
the Bay Marina for dock space for the Rinker boat.
During 1991, petitioner paid $87.13 to Lighting by Erik for
light bulbs and parts.
During the years in issue, petitioner paid for food,
clothing, telephone, gas, and electric service.
Liabilities
Petitioner incurred various liabilities during the period in
question (in addition to the aforementioned mortgage on the
Babcock property). During 1981, petitioner obtained an education
loan of $2,500. As of December 31, 1987, the outstanding
principal balance on the education loan was $2,500. During 1988,
petitioner paid off the principal amount of the loan and $226.20
in accumulated interest.
During 1988, petitioner obtained a loan (account No.
5882253) from Equibank. Pursuant to the loan agreement, Equibank
released cash to petitioner in the amounts and on the dates as
follows:
Date Amount
Oct. 11, 1988 $10,000
Nov. 2, 1988 20,000
Nov. 16, 1988 20,000
Nov. 23, 1988 20,000
Jan. 10, 1989 20,000
June 5, 1989 10,000
As of December 31, 1988, 1989, 1990, and 1991, the outstanding
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