Richard R. Hamlett - Page 13

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          funds at some future point” will not suffice to take the                    
          transaction out of the ambit of the claim of right doctrine.                
          Professional Insurance Agents v. Commissioner, 78 T.C. 246, 270             
          (1982), and cases there cited, affd. 726 F.2d 1097 (6th Cir.                
               Secondly, petitioner does not enlighten us as to what it was           
          that he recognized so that we might judge whether that amounted             
          to a fixed and not a contingent obligation.  Nor does petitioner            
          enlighten us as to whether this “implied consensual recognition”            
          was formed in 1996 and not at a later date.  Nor does petitioner            
          enlighten us as to what provisions for repayment, if any, he made           
          in 1996.  Cf. Nordberg v. Commissioner, 79 T.C. at 662-663, 665-            
               Thirdly, petitioner states that the bankruptcy court’s                 
          decision “caused the realization of the pre-existing obligation             
          to repay Jane Parker”.  It is far from clear what this is                   
          intended to mean.  It suggests that the “pre-existing obligation”           
          was not “real” until the bankruptcy court entered the consent               
          order on February 4, 2000.  That in turn suggests that, in 1996,            
          there was not any existing and fixed obligation to repay; it                
          further suggests that, if there was any 1996 “implied consensual            
          recognition” of anything, then that implied consensual                      
          recognition may have been an understanding that the $100,000                
          might have to be repaid if petitioner got caught.                           

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