- 21 -
possession of the properties, and he continued to control the
properties as he had done before the transfers.
Petitioner and his wife continued to live in their residence
located on the 5955 property. Petitioner continued to use the
properties for livestock breeding, sale of livestock, and
operation of a veterinary clinic. Petitioner, regardless of
legal title, exercised dominion and control over the properties.
Payments of $7,191 were made for the use of oil and gas
wells located on petitioner’s properties during the years in
issue. With the exception of one check for $1,800, payments
totaling $5,391 were deposited into the Second National 106
account. Mrs. Temple had signatory authority over this account,
petitioner’s address was listed on the signature card, and bank
statements were mailed to petitioner’s residence.
Mrs. Temple signed checks totaling $2,000 payable to cash in
1989 and 1990 and checks totaling $4,766 in 1990 to contractors
from this account. Petitioner was in the process of remodeling
and expanding his personal residence in 1989.
The one check for $1,800 that was not deposited in the
Second National 106 account was deposited into the Bank One 855
account. Mrs. Temple signed checks totaling $11,534 for personal
items including, cash, hotels, several travel agencies, and an
automobile service shop drawn on this account.
Page: Previous 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 NextLast modified: May 25, 2011