- 53 -
first included the Carmel Credit Union account in 1980 with
a balance of $280.11. Petitioners contend that their total
assets are understated by the amounts that were in the
Carmel Credit Union account from 1976 through and including
1979. A check register from that account shows a balance
in the account of $648 at the end of 1977, $727.25 at the
end of 1978, and $25,105 at the end of 1979.
In the revised net worth statement attached hereto
as Appendix B, we have adjusted respondent's net worth
statement by including a balance of $10,009.24 in the
Shawmut County Bank account for the years 1977 through
1983; by including a balance of $8,168.06 in the Provident
Institute for Savings account for 1976 through 1978; and by
including the yearend balances shown by the check register
for the Carmel Credit Union account No. 17795 for 1977
through 1979. Appendix B demonstrates that, even if we
accept petitioners' position that respondent's net worth
statement is in error with respect to those balances,
the errors have no effect on respondent's computation of
petitioners' net worth or taxable income for 1983 and 1985.
Cash Hoard Obtained as Gifts From Mr. London's Mother
Finally, petitioners argue that respondent's net worth
statement is wrong because it fails to take into account a
Page: Previous 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 NextLast modified: May 25, 2011