Harold T. and Christine B. Couch - Page 10

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          had been dissolved, they argue, "a judgment against the same                
          would be a legal and factual impossibility."  Petitioners' own              
          actions regarding HTC belie this claim.  In September 1990, after           
          HTC had been dissolved, petitioners filed for personal                      
          bankruptcy.  HTC Indus., ASBCA No. 40562, 93-1 B.C.A. (CCH) par.            
          25,560 affd. on reconsideration, 93-2 B.C.A. (CCH) par. 25,701              
          (1992).  In their petition for bankruptcy, they listed as                   
          "personal property" the litigation "Couch v. Army, ASBCA No.                
          40562" with a market value of $2,000,000.  Id.  The Bankruptcy              
          Court order was not issued until March 19, 1991.  In July 1991,             
          the Couchs amended their Bankruptcy Petition to read:  "Couch v.            
          Army ASBCA #40562.  Fair market value is unknown.  Property                 
          claimed exempt under 11 U.S.C. 522(d)(1) and (5)."  Id.  The                
          Couchs' actions indicate that through July 1991 they believed the           
          claim held by HTC and pursued by them on HTC's behalf had                   
          substantial value.  Their actions contradict their claim of                 
          worthlessness for 1990.                                                     
               Subsequent events support the actions of petitioners.  See             
          American Offshore, Inc. v. Commissioner, supra at 597.  In its              
          decision, the Board of Contract Appeals observed that the                   
          property of HTC had not been distributed.  Although the Board did           
          not give the property specific value, and even noted that the               
          property may have had no value, the Board ordered the parties to            
          negotiate an equitable distribution of what remained.  The                  
          Board's order indicates its belief that, as late as 1992, the               




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