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in petitioners’ assets immediately preceding the foreclosure sale
on February 8, 1993, was a so-called Alaska limited entry fishing
permit which had a fair market value of $393,400.3 Petitioners’
Alaska limited entry fishing permit was a purse seine permit for
the commercial fishing of salmon in the Chignik, Alaska fishery
(petitioners’ fishing permit).
Petitioners jointly filed Form 1040, U.S. Individual Income
Tax Return, for 1993 (petitioners’ joint return). In petition-
ers’ joint return, petitioners did not report any gain or loss or
any DOI income as a result of the foreclosure sale of the
2(...continued)
Washington Mutual 1,039
I.R.S. 28,000
Sea Catch 24,950
ISA 22,755
Tina Carlson 25,000
3The remaining assets included in petitioners’ total assets
immediately preceding the foreclosure sale on Feb. 8, 1993, and
the respective fair market values thereof stipulated by the
parties were:
Asset Fair Market Value
Cash $ 7,261
Land in Chignik, Alaska 35,000
F/V Yantari 95,000
F/V Little One 1,964
Fish Bldg., Chignik, Alaska 1,500
Residence, Chignik, Alaska 150,000
Residence, Edmonton, Wash. 159,026
1989 Ford Aerostar 15,000
1988 Ford F150 Pickup 10,000
Personal prop., Chignik, Alaska 2,100
Office equip., Chignik, Alaska 2,000
Arabian horse 3,000
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Last modified: May 25, 2011