Jay M. Anderson and Helen B. Anderson - Page 7

                                                - 7 -                                                   
            Schedules C for the auto shop or on the later corporate returns                             
            of the auto shop.                                                                           
                  In 1985, petitioner sold the auto shop.  At that time he                              
            drove the J car, without windows or a muffler, the 5 miles to his                           
            home.  This is the only mileage that has ever been put on the J                             
            car.  By the time the J car was moved to petitioner's home, some                            
            99 percent of the costs of the car had been incurred.  Thereafter                           
            petitioner merely invested his time and labor in completing the                             
                  On August 19, 1986, petitioner filed a petition in the                                
            Bankruptcy Court for the Western District of Virginia seeking                               
            relief under Chapter 13 of the Bankruptcy Code.  Petitioner's                               
            debts included unpaid withholding tax for the auto shop, bank                               
            loans for real estate purchases, and some unsecured debts                                   
            possibly including unpaid credit card charges. In his bankruptcy                            
            petition, petitioner listed among his personal property the J                               
            car, describing it as a 1965 Spitfire worth $1,000.  It was                                 
            listed according to its frame.  The J car was never titled with                             
            the State motor vehicle authority and has never been insured.  In                           
            August of 1986, the J car had been disassembled, and its parts                              
            were lying all over petitioner's garage.  Petitioner claims that                            
            he valued the car at $1,000 because of its then disassembled                                
                  From 1986 until 1989, petitioner worked on finishing the J                            
            car at home.  He reassembled the J car and put on the lacquer                               

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  Next

Last modified: May 25, 2011