- 8 -
AIM Corp. Clay Boler retained liability of mortgage”. On AIM’s
application dated November 11, 1992, petitioner listed a $30,000
liability for “Loans due Clay Boler” and assets of $188,788,
including the Whittington property worth $90,000. The
application indicated that the Whittington property had been
transferred to AIM and that AIM had not paid anything for it.
Petitioner signed financial statements which were submitted with
each of those loan applications. None of the financial
statements showed that AIM owed petitioner for the purchase of
the Whittington property.
E. AIM’s Payments to James Scott
Petitioner and James Scott (Scott) had been friends for many
years before the years in issue. Scott began working for AIM
around June 1992, as a supervisor and cost estimator. He was
also the liaison for AIM’s largest customer.
AIM paid the following amounts to Scott in addition to his
wages because he had some unforeseen personal needs:
Date Description on check Description in books Amount
Aug. 15, 1994 Loan to James Scott Loans to shareholder $1,000
Sept. 23, 1994 Employee loan Loans to shareholder 1,000
Oct. 4, 1994 Employee loan Loans to shareholder 2,200
Nov. 4, 1994 Employee loan Loans to shareholder 1,000
May 9, 1995 Employee loan Accts. rec’ble--other 1,500
Aug. 10, 1995 Employee loan Accts. rec’ble--other 2,200
Aug. 21, 1995 Employee loan Accts. rec’ble--other 6,000
Total 14,900
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