- 5 - 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 3,000Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011