- 5 - 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.Page: 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