Michael London - Page 52

                                       - 52 -                                         
             the account was opened in 1977 with an initial deposit of                
             $10,009.24.  In effect, it appears that petitioners are                  
             complaining that their total assets are understated by                   
             $10,009.24 from 1977 when the account was opened through                 
             1983, the year before respondent included the account in                 
             the net worth computation.                                               
                  Second, petitioners complain that the Provident                     
             Institution for Savings account which is included on                     
             respondent's net worth statement beginning in 1979,                      
             "had been opened in or prior to 1969 and had substantial                 
             balances prior to 1976."  Respondent included this account               
             on the net worth statement for the first time in 1979 with               
             a balance of $8,168.06.  Petitioners contend that they                   
             maintained balances in the account prior to that year.                   
             Essentially, petitioners complain that respondent's net                  
             worth statement understates their total assets by the                    
             amount that was in the Provident Institution for Savings                 
             account from 1976 through 1978, the year before respondent               
             included the account in his net worth computation.                       
                  Third, petitioners complained at trial that                         
             respondent's net worth statement fails to include yearend                
             balances that were on deposit in the Carmel Credit Union,                
             account No. 17795, from 1976 through 1979.  Respondent                   








Page:  Previous  42  43  44  45  46  47  48  49  50  51  52  53  54  55  56  57  58  59  60  61  Next

Last modified: May 25, 2011