- 36 - During 1971, Frank purchased a 1971 Corvette for $4,160. Frank purchased a 1967 Rolls Royce during 1982 for $18,500. He paid cash for the vehicle, primarily in $100 bills. As of January 1, 1983, Katherine and Frank had cash on hand of approximately $30,000. Throughout the years in issue, they kept approximately $30,000 cash on hand at the beginning and end of each year. At a meeting with Frank and Katherine on or about December 5, 1989, Revenue Officer Budde prepared a Form 433-A, Collection Information Statement For Individuals (collection statement), on the basis of information provided by them. The collection statement, among other things, indicated that Frank and Katherine’s only assets were (1) two bank accounts of $1,200 and $13,000 at Glendale Federal, (2) a residence valued at $60,000 and monthly payments of $500, (3) a 1986 Cadillac having zero value, and (4) a 1986 Chevy having zero value. The collection statement further indicated that Frank and Katherine’s only source of income at that time consisted of $900 per month in Social Security benefits. Larry purchased a 1977 Corvette during 1977 for $3,480. During 1982, Larry purchased a 1978 Chevrolet Suburban for $2,699.Page: Previous 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 Next
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