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During August 1987, petitioner purchased from Kim C. and
Mary P. Hammill a building located at 1939 Babcock Boulevard,
Pittsburgh, Pennsylvania (the Babcock building or property). The
sale price of the Babcock property was $55,000. In November
1987, petitioner paid $25,000 in cash to Kim C. Hammill in
partial payment of the amount due on the Babcock property. The
balance of the sale price, $30,000, was the subject of a seller-
financed mortgage on the property. Petitioner paid $50 for the
recording of the deed and mortgage for the Babcock property, and
$300 for Pennsylvania transfer taxes.
As of December 31, 1987, petitioner owed $29,556.95 on the
Babcock property. During 1988, petitioner made monthly cash
mortgage payments of $396.45 to the Hammills. In September 1988,
petitioner used cash to pay off the balance due on the Babcock
property.
Petitioner maintained an apartment on the second floor of
the Babcock building and operated a taxidermy business, known as
the Wilderness Taxidermy Studio (Wilderness Taxidermy), on the
first floor of the building.
During 1987, petitioner opened checking account No. 1534-119
in his name at Equibank. As of December 31, 1987, 1988, 1989,
1990, and 1991, petitioner’s Equibank checking account had
balances of $1,414.53, $909.99, $645.50, $396.24, and $289.76,
respectively.
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