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Insurance Settlement
On August 10, 1965, petitioner acquired residential rental
real property. Fire destroyed the property in 1977. Petitioner
demolished the damaged structure and removed it from the
property. In September 1978, petitioner received a net insurance
settlement in the amount of $66,000. Petitioners remain the
owners of the land without improvements.
Loans and Bank Accounts
In May 1979, petitioner borrowed $17,000 at 12 percent
annual interest. The term of this loan was 5 years.
On March 31, 1982, petitioners obtained a home improvement
loan from Connecticut National Bank (CNB loan) in the principal
amount of $19,590. The term of the CNB loan was 60 months at 18
percent annual interest.
Petitioner obtained other loans and credit that respondent
took into account in the net worth computations. These amounts
are not in dispute.
Petitioner maintained an interest-bearing money market
account with Connecticut National Bank from 1983 through 1986.
During several months in 1983 and 1984, the balance in this
account exceeded $40,000. Petitioners maintained other checking
accounts, but none of these accounts is in dispute.
On December 9, 1984, Leroy Campfield opened account No.
030-1471-9 located in the Bank of Screven County (account No.
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Last modified: May 25, 2011