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Alice Berger Howard Berger
Vermont house $250,000 ---
New Jersey house1 333,000 $666,000
New Jersey furniture2 27,000 27,000
Bonds 40,000 120,000
Note I --- 50,300
Note II --- 292,205
Keogh --- 92,000
Stock --- 14,400
Woodbine 680,000 ---
Annuity --- 13,000
1,330,000 1,274,905
1The house was to be sold and the proceeds divided.1
2
2Howard Berger was to use his share of the proceeds of sale of the
house to purchase one-half the furniture from Alice Berger.
The Bergers' assets were divided approximately equally according
to gross value. Although income tax liabilities were inherent in
several of the assets (e.g., Woodbine, Keogh, and Note II (an
installment sale note with a 78-percent gross profit
percentage)), the settlement agreement did not expressly take
account of or otherwise refer to tax liabilities. The settlement
agreement provided that Howard Berger would indemnify Alice
Berger for income taxes for years prior to 1986, but that they
were equally liable for any income taxes due for 1986. The
settlement agreement provided that the Bergers would file a joint
income tax return for 1988 and share equally in any savings that
resulted from filing a joint return.
The settlement agreement stated that "The property and
business known as Woodbine Cemetery and Mausoleum including real,
personal and business assets shall be transferred to * * * [Alice
Berger]".
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