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Loan New Funds or Replacement Note
1989
$10,000 replacement note
1990
$5,000 replacement note
1991
$20,000 new funds
45,000 replacement note
10,000 new funds
5,000 replacement note
10,000 replacement note
1992
$35,000 new funds
53,000 replacement note
10,500 replacement note
30,000 replacement note
10,000 new funds
105,000 replacement note
15,000 replacement note
25,000 replacement note
1993
17,939 replacement note
21,000 new funds
15,000 replacement note
20,000 new funds
Petitioner borrowed $1,500 in 1992 and $20,000 in 1993 that
he used for the Sunbury building in a manner not described in the
record.1 The record does not show how much interest petitioner
paid on these loans in the years in issue. Petitioner also
borrowed money to invest in a limited partnership that owned a
nursing home called the Heritage Inn. In 1993, petitioner paid
1 The parties stipulated that these are “replacement
notes”. However, the record does not indicate which loans these
notes replaced.
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Last modified: May 25, 2011