- 6 - they took out a mortgage for the remaining $40,700 of the purchase price. The cash due from the Zimmermans at closing was $154.45 for tax, stamps, and recording fees. The Zimmermans' monthly mortgage payment was $420.10, for total payments of $1,680.40 in 1988. The mortgage payment increased to $450.10 per month in August of 1989, for total mortgage payments of $5,191.20 in 1989. During the years at issue, the Zimmermans purchased no expensive items, nor did they take any trips other than to attend family funerals. They did not belong to any clubs. Petitioner purchased many of the household items and baby supplies at K-Mart and Wal-Mart. For the years at issue, petitioner filed joint Federal income tax returns with her husband, Charles R. Zimmerman.4 Those returns were prepared by Rosemarie Jacques of Rosie's Accounting Service, Inc., who held herself out as a certified public accountant. On the Zimmermans' Form 1040 for the taxable year 1988, they reported $2,000 in wages, $1,376.20 in net Schedule C business income, and no other income; an earned income 4 The petition in this case was originally captioned in the names of both spouses, but the attorney filing that petition had not been authorized to represent Mr. Zimmerman. By order dated May 27, 1994, the Court afforded Mr. Zimmerman an opportunity to ratify and affirm the filing of the petition on his behalf. No response from Mr. Zimmerman having been received, the Court, by order dated July 6, 1994, dismissed the case for lack of jurisdiction as to Mr. Zimmerman and changed the caption of the case.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011