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4/21/2000 Check 62,364.38
5/01/2000 Check #5330 8,000.00
5/08/2000 Bill 5,421.00
5/10/2000 Transfer 20,000.00
5/17/2000 Transfer 100,000.00
5/18/2000 Check 3,000.00
5/18/2000 Bill 1,000.00
5/23/2000 Check 500.00
6/12/2000 Transfer 120,000.00
6/26/2000 Bill 140.35
7/17/2000 Credit card charges 75.78
7/18/2000 Check 2,862.74
8/14/2000 Transfer 100,000.00
8/16/2000 Credit card charges 1,019.45
8/28/2000 Bill 27,767.50
9/15/2000 Check 25,000.00
9/16/2000 Credit card charges 892.20
9/25/2000 Transfer 50,000.00
9/28/2000 Bill 88.70
10/23/2000 Transfer 34,239.55
11/02/2000 Transfer 20,000.00
11/15/2000 Bill 5,350.00
12/04/2000 Check 30,000.00
12/17/2000 Credit cards charges 368.13
12/27/2000 Bill 7,545.08
__________________________________________________
Total Disbursements for 2000: $927,299.99
These disbursements were identified on Caspian’s books as
“1800100 Officer’s Rec - NT”. At the end of 2000, the advances
were converted to “notes” on Caspian’s books.
On December 29, 2000, petitioner used voluntary payroll
deductions to reimburse Caspian $448,344.76. Of this amount,
$48,344.76 represented payment of interest and $400,000
represented repayment of the disbursements. Caspian reported
interest income on its 2000 tax return, reflecting petitioner’s
payment of interest.
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Last modified: May 25, 2011