- 15 -
Bank of America Customline account No. 1537948839 (home equity
line of credit), which was changed to account No.
02500211814947041 in July 1995. Interest was incurred on the two
loans in the amounts of $18,606 in 1995 and $18,378 in 1996.
Petitioners did not assume a legal obligation on Mahmoud’s and
Fuad’s indebtedness in 1995 or 1996.
Payments made by the Mahmoud Daya family on the home equity
line of credit in 1995 totaled $7,297.63, with $6,714.37 of the
total paid from the household account and $583.26 paid from
Mahmoud and Laila’s checking account. Payments made by the
Mahmoud Daya family on the mortgage in 1995 totaled $13,101.09 and
were made with checks from the household account.
The Mahmoud Daya family made payments on the home equity line
of credit in 1996 with checks drawn from the household account
totaling $7,170.83. Payments were made on the mortgage in 1996
with checks from the household account totaling $13,621.38.
California real property tax statements for the Foster City
residence were in the names of Mahmoud and Fuad in both 1995 and
1996. Real property taxes of $3,082 were assessed against the
residence for the fiscal year ending (FYE) June 30, 1995. The tax
liability was due in two equal installments. The first
installment was due on or before November 1, 1994, with a 10-
percent penalty for payments after December 10, 1994, and the
second installment was due on or before February 1, 1995, with a
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011