- 17 - Accu-Data made three payments to GMAC, each in the amount of $250.32, on July 10, August 6, and September 10, 1987. It also paid GMAC $4,464.64 on September 11, 1987, and $10 on September 24, 1987. Mr. Morris transferred to petitioner ownership of a life insurance policy with a cash value of $15,000.18 Petitioner's Education, Work Experience, and Family Life Although petitioner had worked during 1981 and 1982 as an accounts receivable clerk at a medical supply company, she was not employed during the years at issue. Rather, during those years, petitioner was a homemaker, mother, and part-time college student. During the fall of 1982, petitioner, who had not had any post-high school education, entered Parkland College. She took courses there over the next several years, including two intro- ductory courses in basic accounting principles, and received a degree from that institution in the spring of 1987. In the fall of 1987, petitioner entered the University of Illinois and took courses there for two years, including two intermediate account- ing courses, before she withdrew to devote more time to her children. Sometime after the years at issue, petitioner returned 17(...continued) year were attributable to estimated tax payments. 18 The record does not disclose when that policy was transferred to petitioner.Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
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