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APPENDIX C
Property Payments Terms and Payments Made
1. 211 E. 17th Street, The contract sales price was $412,000
Long Beach Township, and the gross amount due from Mrs.
New Jersey -- Bacon was $415,167. To finance the
Purchased 2/23/88 purchase, Mrs. Bacon paid $3,167 in
cash, assumed a $287,0691 first mortgage
on the property, and secured a $124,931
second mortgage on the property. During
1988, petitioners paid down the $287,070
first mortgage by $283,310. The
payments were made over an 8-month
period of time, consisted of five
payments,2 all drawn on petitioners’
personal bank accounts. The $124,931
second mortgage required a single
payment of $124,931 in 1 year.3
2. Lots 7, 8, 13, and Mrs. Bacon put down 10 percent or
14, Block 304, Marco $58,500 as a deposit, executed a
Beach Unit 9 located $300,000 promissory note secured by a
in Collier County, mortgage on the property, and paid the
Florida. -- balance on or before the closing.4
Purchased 3/4/88 The $300,000 purchase money note and
mortgage required 36 monthly payments of
$2,518 and a balloon payment of $288,988
at the end of the 36 months. Payments
on the purchase money note and mortgage
were made in accordance with the terms.
1 The settlement statement indicates that the existing loan assumed is
$287,069, while the stipulation indicates that the existing loan assumed was
$287.070 (after rounding). We assume that the stipulation contained a
typographical error.
2 From petitioners’ First Fidelity account, No. 0186161, a payment of
$76,509 was made on Apr. 1, 1988; a $94,950 payment on May 1, 1988; and a
$40,035 payment on June 1, 1988. From petitioners’ Security Savings & Loan
account, No. 238351019, a payment of $64,311 was made on Nov. 27, 1988, and a
$7,504 payment was made on Nov. 30, 1988.
3 The payment was satisfied on Feb. 21, 1989, in part by a $60,931
cashier’s check drawn on petitioners’ First Fidelity account and $64,000 in
funds withdrawn from Radtam’s savings account at Chemical bank, account No.
600-871255.
4 A portion of the payments, $158,375, was financed from $338,097 in
loan proceeds secured by property located at Block D-32, Lot 8, 216 E. 18th
Street, North Beach Haven, NJ. The remaining $179,722 of the loan proceeds
was deposited in Radtam’s account No. 23-835065-6.
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