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$4,000. In 1989, petitioners also acquired a Chinese marble-top
chest for $2,500.
During 1986 and 1987, petitioners acquired a one-half interest
in an Ocean City, Maryland, condominium together with Mr. Culotta
and his wife. Petitioners paid $32,450 for their share of the
condominium and furnishings, and financed their share with a
$26,546 mortgage. In 1988, the condominium was sold when
petitioners' share of the mortgage was $26,722.
As of December 31, 1985, petitioners owned three cars: A 1984
Cadillac worth $21,581.53 with a loan balance of $8,462.53, which
was paid off in 1987; a 1985 Pontiac Grand Prix worth $13,124 with
a loan balance of $7,010.10, which was paid off in 1986; and a 1981
Pontiac Grand Prix worth $9,885, which petitioners owned outright.
In 1986, petitioners acquired two additional cars: A 1986 Mercedes
Benz for $47,504, with a loan of $46,457 and a balance due of
$27,023.20 as of December 31, 1989; and a 1986 Volkswagen Cabriolet
for their daughter worth $14,495, with a loan of $7,087, which was
paid off in 1988. In 1987, petitioners acquired a 1987 Mercedes
Benz for $37,159, with a loan of $24,006 and a balance due of
$19,321.33 as of December 31, 1989.
In April 1986, Mr. Zaban opened a brokerage account with Paine
Webber, Inc.; as of September 29, 1989, the portfolio value of that
account was $413,032.97. Mr. Zaban maintained a brokerage account
with Baker, Watts & Co. with a portfolio value of $136,426.26 as of
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