-12-
thousand dollars on a motor home loan with a 17-percent interest
rate.
From 1978 to 1982, petitioners (a) bought four properties
for a total of $372,252, financing $255,7002 of that amount; (b)
spent $163,518 on insurance, mortgage payments, licensing fees,
taxes, and other items, which they deducted on their tax returns;
and (c) provided some support for family members, including Suil
Peacock and his family, Song Lee, Kil Lee, K.C. Urbon, and Il Nam
Lee. Petitioners reported that their adjusted gross income for
that period was $264,799.
From 1978 to 1982, petitioners did not receive any gifts or
inheritances that had significant value.
In early 1983, petitioners had outstanding loans from
Northwest Federal, Puget Sound National Bank, and First
Interstate Bank of Washington.
3. Petitioners' Cash Hoard
Many people saw petitioners with large amounts of cash from
1978 to 1982. None of them counted all of the cash. In 1978,
Michael Koon, petitioner-wife's nephew-in-law, counted about
$100,000 of petitioners’ cash. A large amount of other cash was
present that he did not count.
Petitioners buried some cash in a 5-gallon bucket under a
cement walkway in their backyard in 1979, and dug it up in 1981.
2 The parties agree that the amount financed was $246,994.
However, the record shows that the amount financed was $255,700.
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