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indebtedness, if he and Aysun were ever called upon to pay the
indebtedness (arising from a default by petitioners), they would
look to petitioners for payment of whatever amounts that Haluk
and Aysun paid to the mortgage lender. The Court is satisfied
that, should that situation ever arise, Haluk and Aysun would
have a cause of action against petitioners.
The Court is satisfied, from all the evidence presented,
that petitioners have continuously treated the Alisal property as
if they were the owners, and that they, exclusively, held the
benefits and burdens of ownership thereof. On this record, the
Court holds that petitioners established equitable and beneficial
ownership of the Alisal property, and that they were liable to
Haluk and Aysun in respect of the mortgage indebtedness. As
such, the Court holds that petitioners are entitled to a
deduction for the $18,980 home mortgage interest paid by them
during 1992.
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011