- 66 - C. Loans for Petitioner’s Family Support Obligations Petitioner contends that NCPL lent him $12,000, $8,760, and $181,765 in 2000, 2001, 2002, respectively, to pay his spousal and child support obligations and the interest owing on the $1,400,000 divorce settlement. With respect to this purported loan, the record discloses: (1) No promissory note or other instrument was executed; (2) no collateral was pledged to secure repayment; (4) there was no fixed schedule for repayment; (4) as determined above, it was not reasonable to expect at the time the funds were advanced petitioner could repay them; (5) no interest was charged or paid; and (6) petitioner did not intend at the time the funds were advanced to make any payments. Petitioner testified that his employer paid his family support obligations because the divorce was a very difficult time in petitioner’s life. According to petitioner, his employer assured him that he could pay the money back at an “appropriate time in the future”. Petitioner had previously written in response to Agents Rans’s inquiries that the family support obligations were paid by NCPL to purchase Kumiko Talmage’s equity in the Rivercliff property. Petitioner has failed to meet his burden of proving that the funds advanced for his family support obligations of $12,000, $8,760, and $181,765 in 2000, 2001, 2002, respectively,Page: Previous 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 NextLast modified: March 27, 2008