- 9 - for repayments, id.; (4) whether any security or collateral is requested, Zimmerman v. United States, 318 F.2d 611, 613 (9th Cir. 1963); (5) whether a demand for repayment has been made, Montgomery v. United States, 87 Ct. Cl. 218, 23 F. Supp. 130 (1938); (6) whether any repayments have been made, Estate of Ames v. Commissioner, a Memorandum Opinion of this Court dated Feb. 7, 1946; and (7) whether the borrower was solvent at the time of the loan, Jewell Ridge Coal Corp. v. Commissioner, 318 F.2d 695, 699 (4th Cir. 1963), affg. T.C. Memo. 1962-194. For reasons set forth above, the belatedly tendered notes were not reliable and were not received in evidence. There was no evidence offered with respect to the other factors. Respondent argues, and we agree, that it appears from petitioner’s testimony that the funds advanced as claimed by petitioner were investments, not bona fide loans. There was no apparent investigation or evidence of the financial solvency of the alleged borrowers or evidence that they intended to repay petitioner for the advances. In addition, petitioner presented no objective evidence that the advances became worthless by the end of 1999. It is improbable that he would have continued to lend money through December 1999 and that the advances simultaneously became worthless. Petitioner did not disclose to respondent or present any information concerning the purported loans until the day ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
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