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$550,000 loan was obtained, secured by a deed of trust on the
property.
On January 27, 1982, a notice of default was recorded
pertaining to the $375,000 loan. On June 17, 1982, a deed of
trust was recorded securing a note of $900,000.
In 1984, the property was foreclosed upon.
G. Business Center Drive Property
On April 27, 1976, the property located at Business Center
Drive, Irvine, California, was assigned to petitioner for $67,500
in consideration. On October 16, 1978, petitioner obtained a
loan in the amount of $675,000. On June 26, 1979, a deed of
trust was recorded, securing a loan in the amount of $100,000.
Allan Silverman, a business acquaintance of petitioner, took
out a loan of $493,250 and gave the funds to petitioner to repay
a different loan on the property. Allan Silverman’s loan was
partially secured by the Business Center Drive property. On
October 5, 1990, according to the schedule prepared by Revenue
Agent John Grennan regarding this property, petitioner
transferred a 50-percent interest in the property to Allan
Silverman. Petitioner collected the rents on the Irvine Business
Center property and kept the money for himself instead of paying
the bank or Allan Silverman on the loan.
In 1992, the property was foreclosed upon.
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