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Pension Plan & Trust and $17,000 from Duncan & Associates’ Profit
Sharing Plan & Trust. (We shall refer collectively to those
withdrawals as petitioner’s 1990 retirement plan withdrawals.)
At all relevant times, petitioner knew that petitioner’s 1990
retirement plan withdrawals constitute income to him for 1990.
On or about April 13 and July 18, 1991, Duncan & Associates
received checks totaling $49,500, which petitioner retained
and/or deposited in his bank account. At all relevant times,
petitioner knew that $40,000 of the total $49,500 in such checks
constitutes income to him for 1991. (We shall refer to such
$40,000 of such checks as petitioner’s 1991 check amount.)
During 1990 and 1991, respectively, after taking into
account Mr. Duncan’s payments or other transfers to or on behalf
of Duncan & Associates of amounts totaling $100,900 and
$128,779.98, Duncan & Associates made payments or transfers to or
for the benefit of petitioner of amounts totaling at least
$187,8132 and $331,484. (We shall refer to those respective
amounts paid or used for petitioner’s behalf during 1990 and 1991
as petitioner’s 1990 and 1991 personal-benefit amounts.) At all
relevant times, petitioner knew that petitioner’s 1990 and 1991
2The amounts deemed established under Rule 37(c) with re-
spect to the amounts that Duncan & Associates paid to or expended
for the benefit of petitioner during 1990 exceed the amounts for
such purposes determined in the notice of deficiency for that
year. Respondent does not claim an increased deficiency for 1990
with respect to that excess. We accept respondent’s position.
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Last modified: May 25, 2011