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you haven’t asked this question, but it’s important for
you to know.
Dr. Gant’s testimony, as a whole, shows considerable confusion
regarding petitioner’s interest in East Lake Vista. However, his
testimony indicates that he assumed 100-percent legal ownership
of East Lake Vista to protect his initial $125,000 contribution;
however, petitioner continued to possess an interest in the
property because of his contribution of services. Dr. Gant did
not testify that the supposed agreement with Mr. Miles deprived
petitioner of a participation in any profits realized from the
property.
Petitioner’s execution of the sales contract for the August
1988 sale also indicates that he had more than just a working
relationship with Dr. Gant with respect to East Lake Vista. It
shows that he had the legal capacity to sell the property. This
denotes ownership. In addition, the ledger cards maintained by
Mr. Miles’s law firm are essentially a record of the transactions
associated with East Lake Vista. Those ledger cards show the
initial disbursement of approximately $125,000 to Reba Smith, the
annual payments on the mortgage issued to Ms. Smith, and the
amounts received from the sales in 1986 and 1988. The ledger
cards each list petitioner’s name with respect to transactions
which occurred from 1984 to 1989. The ledger cards contradict a
significant portion of Dr. Gant’s testimony and are certainly
inconsistent with petitioner’s contention that he owned no
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