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Real Estate, Boats, and Airplanes
Petitioner owned various parcels of real estate and several
boats and airplanes.
In July 1978, petitioner purchased a DC-6 airplane, No.
45501, for $250,000. He also expended $50,000 for repairs to
this airplane in 1978.
In 1981, petitioner purchased a Douglas DC7C airplane, No.
74303, for $112,000. Also, on January 16, 1981, petitioner
purchased a Piper Aztec airplane for $18,720.
In August 1982, petitioner purchased a 1982 Lear airplane,
No. 97MJ, for $150,000. On December 30, 1982, petitioner also
made a cash downpayment of $5,000 on the purchase of a Lear 24
airplane, No. N100VQ. In addition, petitioner purchased a Cessna
305, L-19 airplane, No. N5229G, for $31,800 in 1982.
In 1980, petitioner purchased a 28-foot cigarette boat for
$4,106. Also in 1980, petitioner expended $26,000 for repairs to
a 35-foot cigarette boat, which was sold for $48,000.
On October 31, 1978, petitioner purchased certain real
property located in Miriah, North Carolina, for $47,000.
In 1979, petitioner purchased a house at 1357 Seminole Drive
in Fort Lauderdale, Florida, for $468,000. This house was titled
in the name Intercontinental Aircraft Leasing. Petitioner moved
into the house at 1357 Seminole Drive in late 1980 after his
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