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$254,400 F&M Bank 1999 loan to the alleged venture (alleged
$200,000 contribution), and (c) lend $54,400 of the $254,400 F&M
Bank 1999 loan to petitioners (purported $54,400 loan); and
(2) sometime after the December 2, 1999 transaction, (a) Kevin
O’Malley was to contribute an additional $100,000 to the alleged
venture (additional $100,000 contribution),27 and Mr. O’Malley was
to contribute the same amount to the alleged venture. Petition-
ers also contend that on June 3, 2003, they repaid Kevin O’Malley
the purported $54,400 loan.
In support of petitioners’ contentions with respect to the
alleged venture, including the purported $54,400 loan, petition-
ers rely on the testimony of Mr. O’Malley and certain checks that
petitioners issued to Kevin O’Malley about which Mr. O’Malley
testified. We found that testimony of Mr. O’Malley to be gen-
eral, vague, conclusory, and/or incomplete, and we shall not rely
on that testimony to establish petitioners’ contentions as to
that alleged venture. To illustrate, Mr. O’Malley’s testimony
was general, vague, conclusory, and incomplete regarding Kevin
O’Malley’s alleged $200,000 contribution to the alleged venture.
The December 2, 1999 settlement statement showed $250,902 of the
proceeds of the $254,400 F&M Bank 1999 loan as “CASH TO SELLER
27According to petitioners, petitioners were to repay the
purported $54,400 loan to Kevin O’Malley at the time Kevin
O’Malley was to make his additional $100,000 contribution to the
alleged venture, and Kevin O’Malley was to use such funds, as
well as additional funds, to make that contribution.
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Last modified: November 10, 2007