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Date of Check Check Number Amount
2/17/00 12459 $357.37
2/17/00 22460 357.37
4/12/00 32495 357.37
4/20/00 32498 357.37
6/23/00 32531 714.74
10/23/00 2098 1,429.48
12/2/00 2626 357.37
12/10/00 2055 70.00
1/22/01 2674 322.37
3/9/01 2709 939.74
6/8/01 2792 357.37
8/23/01 2845 1,072.11
11/02/01 2950 714.74
1The notation “Feb 00" appeared at the bottom of check No. 2459.
2The notation “March 00" appeared at the bottom of check No. 2460.
3The notation “April 00" appeared at the bottom of each of check Nos.
2495, 2498, and 2531.
Petitioners issued a $54,400 check dated June 3, 2003, to
Kevin O’Malley. A notation at the bottom of that check stated:
“Loan Repayment”.
Sometime between December 2, 1999, and September 14, 2004,
petitioners forgave the second loan with respect to lot 5.
Although the funds that petitioners received from Kevin
O’Malley as a result of the December 2, 1999 transaction enabled
them to satisfy certain of their financial obligations, they
needed additional funds in order to meet certain other obliga-
tions. Mr. O’Malley asked his brother Edward O’Malley whether he
would be willing to accommodate petitioners and enable them to
obtain such additional funds. Edward O’Malley agreed to do so.
To that end, Edward O’Malley and Mr. O’Malley entered into an
oral agreement (agreement between Edward O’Malley and Mr. O’Mal-
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Last modified: November 10, 2007