- 3 - filed a motion with the 14th Judicial District Court of Calcasieu Parish, Louisiana, for return of the seized property. On January 13, 1994, the State of Louisiana initiated a civil judicial forfeiture proceeding against the currency. Mr. Brown filed both an answer to the pending forfeiture and a claim for the return of the currency in early 1994. The forfeiture proceeding is still pending. On September 23, 1993, Mr. Brown entered into a contract to purchase a townhouse in Houston, Texas. Pursuant to the contract, Mr. Brown made an earnest money deposit in the amount of $5,000. The closing was to take place on November 9, 1993. In the event that the buyer defaulted on the contract, the contract provided, in pertinent part: If Buyer fails to comply with this contract, Buyer shall be in default, and Seller may either (a) enforce specific performance, seek such other relief as may be provided by law, or both, or (b) terminate this contract and receive the Earnest Money as liquidated damages, thereby releasing both parties from this contract. * * * Mr. Brown was unable to close due to the seizure of the $30,900, which he planned to use to purchase the townhouse. Mr. Brown reported the $5,000 deposit as a loss on his 1993 Federal income tax return. In 1994, Mr. Brown recovered the $5,000 deposit and reported it as income on his 1994 Federal income tax return. In August 1993, Mr. Brown purchased a 1985 Cadillac DeVillePage: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011