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to open a bank account in his name. Petitioner husband and Haluk
opened a joint checking account (joint account) at California
Federal Bank. Both petitioner husband and Haluk deposited money
into and wrote checks out of this joint account.
Upon receiving his graduate degree from USC, petitioner
husband returned to work briefly in Turkey. After working in
Turkey for approximately 1 year, petitioner husband returned to
the United States and began working in areas other than the field
of engineering. Petitioner husband married Ana Uslu (petitioner
wife), and two children were born of their marriage. During the
year at issue, petitioner husband was employed as a real estate
broker, and petitioner wife was employed as a registered nurse.
In 1989, Haluk married Aysun S. Aslancirit (Aysun), and, at the
time of his marriage, Haluk ceased making deposits into or
writing checks out of the joint account. Petitioners assumed
this account as their own.
In 1990, petitioners' unfortunate financial situation forced
them to file for a Chapter 7 bankruptcy. Shortly thereafter,
through petitioner husband's work as a real estate broker,
petitioners located a house that they desired to purchase as a
residence. The house was located at 733 East Alisal Street in
Covina, California (Alisal property). Because of their
bankruptcy and poor credit rating, petitioners were unable to
qualify for financing to purchase the Alisal property.
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