- 6 - name the ranch “JAC Ranch”. Although the mortgage on the ranch was in petitioner’s name alone, the deed to the property reflected joint ownership by petitioner and Mrs. Corrigan. Mrs. Corrigan used JAC Ranch as her primary residence beginning in 1986. Petitioner owned a home in Newport Beach, California, which he used as his primary residence beginning in 1986. Although petitioner and Mrs. Corrigan maintained separate residences during the years in issue, they occasionally spent time together in the same household. During 1984, petitioner accepted a position as an account executive at Prudential-Bache (Prudential). At Prudential, the position of account executive was the equivalent of a senior stockbroker. Petitioner was not a licensed stockbroker or dealer in securities, and no license was required to act as a senior stockbroker for Prudential. During 1984, Prudential lent petitioner $390,000, which was evidenced by petitioner’s promissory note to Prudential. Under the terms of the loan, petitioner was required to make six annual $65,000 installments with the first installment due July 1985. Petitioner made one $65,000 installment, leaving an unpaid balance of $325,000. Petitioner resigned his position at Prudential during August 1985 without repaying the outstanding $325,000 loan balance. Prudential sought to collect the loan balance and submitted its $325,000 claim to arbitration. Petitioner asserted severalPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
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