- 16 -
1979, and 1980, that the General Motors, Boston Edison,
John Hancock, and AT&T stocks were jointly owned. On
the Schedule B filed as part of their return for 1984,
petitioners also reported that they had received dividend
income from Southwestern Bell, Ameritech, U.S. West, Bell
Atlantic, NYNEX, Bell South, and Pacific Telesis.
Real Estate
On May 7, 1974, petitioners paid $15,050 to purchase
the building at 110 Chestnut Street, Chelsea, Massachu-
setts, the site of Heller's Cafe. Title to the building
was taken in Mrs. London's name d/b/a London Realty and was
leased to London's Cafe, Inc. On June 1, 1974, petitioners
paid $3,547 for improvements to the building.
On July 1, 1975, Mrs. London purchased a �-acre tract
of land in Marblehead, Massachusetts, for $37,000. She
paid the purchase price by check on the same day. During
1975 and 1976, petitioners paid $4,500 and $11,500,
respectively, for improvements to the land. Petitioners
sold this property on August 2, 1984, for $125,000.
On September 10, 1976, petitioners purchased the
property at 79 Black Oak Road, Weston, Massachusetts, as
tenants by the entirety. They paid $146,000 for the
property, $66,000 from their own funds, and $80,000 from
Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 NextLast modified: May 25, 2011