Fleming G. and Sherry H. Brooks - Page 17

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          on January 5, 1999, and also allowed for the recognition of                 
          $300,000 of the pro rata share of the company’s losses.                     
               With respect to the 2000 tax year, petitioners contend that            
          the $1,100,000 basis of each advance offset the $800,000                    
          repayments on January 3, 2000, and also permitted each petitioner           
          to recognize $300,000 of the pro rata share of the company’s                
          losses.                                                                     

































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