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$20,501 in cash for the purchase of real estate, causing a
Currency Transaction Report to be filed by Mineola Federal
Savings and Loan Association. On December 23, 1986, petitioners
purchased a mink coat for $2,097.24; they paid $1,900 of this
amount in cash and charged the balance to their American Express
card.
Petitioners' Divorce
Petitioners were experiencing marital difficulties during
the mid-1980's. Petitioners entered into a divorce agreement on
June 13, 1988. This agreement was incorporated in the final
decree of divorce signed on June 14, 1988. The agreement awarded
the following property to Mrs. Gandy: the loan notes that were
held by petitioners (said to total approximately $869,000);
$50,000 to be paid on the date of divorce; $50,000 per year for
5 years to be paid annually commencing on June 15, 1989; a 1985
Cadillac convertible; a 1986 Chevrolet van; the travel agency;
40 percent of net recovery from a pending lawsuit; and all
personal property items in her possession. The property awarded
to Mr. Gandy was: the nursery, the marital home, 60 percent of
the net recovery from the pending lawsuit, and all personal
property items in his possession. Among the liabilities that
were assumed by Mrs. Gandy were any debts of the travel agency
and 40 percent of the tax liabilities for 1987 and prior years.
Liabilities assumed by Mr. Gandy included those of the nursery
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