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Blackland’s monthly balance sheets from January 1, 1996,
through the end of November of 1996, reflect that Blackland’s
stated loan balance owed to petitioner was reduced by $33,293
from $2,979,568 to $2,946,275. On Blackland’s December 31, 1996,
balance sheet, the stated loan balance owed to petitioner was
indicated as zero.
The evidence in the record does not reflect that petitioner
ever made a formal demand for repayment from Blackland of the
funds he transferred to Blackland between 1993 and 1995, and
petitioner never attempted to obtain a monetary judgment against
Blackland based on the funds transferred.
The only accounting books and records of petitioner (as
distinguished from Blackland) relating to the funds he
transferred to Blackland during 1993 through 1995 that are in
evidence in this case consist of the above-mentioned worksheets.
No income statements, balance sheets, general ledgers, journals,
or complete bank account statements of petitioner relating to the
funds he transferred to Blackland are in the record.
With regard to Blackland’s financial records, the
evidentiary record in this case includes Blackland’s unaudited
monthly and annual income statements and monthly balance sheets
for 1992 through 1996, and general ledger accounts for limited
periods of time.
Blackland was dissolved on March 28, 1997.
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