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loan. (For convenience, we shall refer collectively to the
bank’s foreclosure on the Yantari and the concomitant sale of the
Yantari and other events that occurred on February 8, 1993, as
the foreclosure sale.) As a result of the foreclosure sale,
petitioners realized capital gain of $28,621 and DOI income of
$42,142.
Immediately preceding the foreclosure sale on February 8,
1993, petitioners had (1) assets located in the States of Alaska
and Washington which had an aggregate fair market value of
$875,251 and (2) liabilities which totaled $515,930.2 Included
2Petitioners’ description of petitioners’ liabilities imme-
diately preceding the foreclosure sale on Feb. 8, 1993, and the
amounts thereof stipulated by the parties are:
Description of Amount of
Liability Liability
Seattle First $137,142 (principal)
23,973 (interest)
Washington Mutual 96,280
HFC (2nd Mortgage) 61,546
Seattle First 9,575
Seattle First 4,196
Seattle First 11,456
Seattle First Cr. 4,068
Alaska Airlines 284
Coastal Trans. 5,610
Discover 1,710
Hartig Rhodes 4,447
HFC Visa 804
Medden 1,246
Nordstrom 806
Bon Marche 1,855
Guiness Assoc. 35,100
Security Pacific 4,319
HFC Charge 6,941
Household Finance 2,828
(continued...)
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