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Year Description of Asset Cash Paid
1983 1983 Porsche $25,200
1985 1985 Porsche 10,826
1986 1979 Ford truck 788
1986 1968 Chevy Camaro 1,050
1987 1977 AMF boat 2,625
1987 Ridgewood property 25,165
1987 Renovation to Ridgewood property 13,800
1988 Renovation to Ridgewood property 1,750
1988 1986 Ford 150 10,563
1988 1987 Ferrari 19,000
1989 Renovation to Ridgewood property 13,200
1989 1974 Corvette 11,500
1989 1980 Jeep 2,156
1989 1982 Jeep 3,025
1989 Landscaping 17,000
1990 1979 Triumph 1,200
1990 1990 Ford Bronco 4,000
Total 162,848
C. Sylvia
By notice dated April 4, 1997, respondent determined
transferee liability against Sylvia for the deficiencies,
additions to tax, and penalties that respondent determined Frank
and Katherine owed for the years in issue. Previously, by letter
dated July 26, 1996, respondent determined that Frank and
Katherine had transferred the following assets to Sylvia upon
which transferee liability attached:
Description Amount
Annual gifts in the form of excess of
applications of funds over sources of funds:
1985 $20,862
1986 19,775
1987 23,946
1988 52,197
1989 50,359
1990 62,546
Total assets transferred 229,685
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