- 8 - and that mortgage loan was completely paid off by December 22, 1992. During August 1995, petitioner obtained from World Savings and Loan Association another mortgage loan on the Neponset property in the amount of $65,000. According to the application for that mortgage loan, the purpose of the loan was to acquire farmland in Tennessee. On or about August 14, 1995, after respondent had commenced collection activity against petitioner and Ms. Leggett for the civil penalties, petitioner purchased real property in Tennessee (Tennessee property) for approximately $130,000. Petitioner titled that property in the name of Young Farm Trust, Frank Starling Trustee. The Tennessee property was not incumbered by any mortgages. On or about February 13, 1997, the Young Farm Trust, Frank Starling Trustee, transferred the Tennessee property back to petitioner and Ms. Leggett for no consideration. On March 20, 1996, after respondent had commenced collection activity against petitioner and Ms. Leggett for the civil pen- alties, petitioner and Ms. Leggett conveyed the Neponset property to Michael T. Morgan for no consideration. On June 5, 1996, a notice of Federal tax lien was filed with the Clerk of the Circuit Court for Orange County, Florida, for taxes owed by Michael T. Morgan. Shortly thereafter, on June 17, 1996, Michael T. Morgan transferred the Neponset property back to petitioner and Ms. Leggett for no consideration.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011