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Petitioner purchased a house in 1972. On January 22, 1982,
he mortgaged the house to secure a loan of approximately $22,400.
The above table suggests that petitioner was not employed for the
entire year in 1982 and was not employed at all during 1983.
Soon after obtaining the loan, petitioner stopped making the
required monthly payments. On March 18, 1984, with a loan
repayment arrearage of approximately $4,000, petitioner’s house
was sold in a foreclosure sale. Petitioner lived with a friend
for several months thereafter, but soon moved in with his parents
at their house. In 1993, while petitioner was living with his
parents, they deeded their house and a rental property that they
owned to petitioner. Later in 1993, petitioner’s father was
denied State-assisted medical benefits because, according to
State authorities, he transferred assets without adequate
consideration.
Petitioner and another individual formed a partnership in
1979 for the purpose of constructing several houses on land owned
by petitioner. Petitioner obtained financing for the
construction projects from a local bank. The truck that
petitioner had purchased for use in the partnership’s business
was repossessed. On his 1979 and 1980 Federal income tax
returns, petitioner reported adjusted gross incomes of $3,758 and
($45,697), respectively.
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