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Kildare Timmy did not execute a note with respect to either
of the Frederick Underwriters’ 1992 loans to Mr. Ramsburg.
Kildare Timmy did not make any payments of principal to Mr.
Ramsburg or Frederick Underwriters with respect to either of such
loans.
On December 31, 1994, Mr. Stottlemeyer executed a document
entitled “NOTE” (Mr. Stottlemeyer’s note)6 that provided in
pertinent part:
I Carroll K. Stottlemeyer, after date, FOR VALUE
RECEIVED, the Undersigned, jointly and severally,
promise to pay to the order of Jacob R. Ramsburg Jr.,
the lesser of my share of cash proceeds from disposi-
tion of horses owned by the entity known as Kildare
Timmy or the sum of one hundred fourty six thousand
seven hundred and fifty Dollars payable at the offices
of Frederick Underwriters, with interest from date at
the rate of 0% per annum. [Reproduced literally.]
5(...continued)
failed to carry their burden of showing, that Frederick Under-
writers did not make the Frederick Underwriters’ 1995 loans to
Mr. Ramsburg in his individual capacity, that Mr. Ramsburg did
not sign Mr. Ramsburg’s 1995 notes in his individual capacity,
and that he did not transfer the proceeds of Frederick Underwrit-
ers’ 1995 loans to Mr. Ramsburg to Kildare Timmy as capital
contributions. In any event, whether (1) Frederick Underwriters’
1992 loans to Mr. Ramsburg and Mr. Ramsburg’s 1992 notes or
(2) Frederick Underwriters’ 1995 loans to Mr. Ramsburg and Mr.
Ramsburg’s 1995 notes were outstanding at the end of 1997 and on
the next day (i.e., Jan. 1, 1998) on which Kildare Timmy distrib-
uted all of its assets to Mr. Ramsburg does not affect our
findings and conclusions herein. For convenience, we shall
hereinafter refer only to Frederick Underwriters’ 1992 loans to
Mr. Ramsburg and Mr. Ramsburg’s 1992 notes.
6By using the term “Mr. Stottlemeyer’s note”, we do not
intend to suggest that for tax purposes there was a loan by Mr.
Ramsburg to Mr. Stottlemeyer.
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