Linda Carter Zimmerman - Page 4




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          presumably they were jointly liable for the financed amount.                
               Petitioner and her former spouse used the townhouse as their           
          residence for a while, but for the majority of the time that they           
          owned it, the townhouse was held for rent or rented to others.              
               In 1994, while the divorce proceeding was pending,                     
          petitioner’s former spouse suggested that they sell the                     
          townhouse.  Petitioner agreed, subject to her understanding that            
          she would receive one-half of the proceeds from the sale.  On               
          July 15, 1994, the townhouse was sold for $88,000.  At that time            
          petitioner lived in Jacksonville, Florida, and petitioner’s                 
          former spouse lived in Maryland.  Neither petitioner nor her                
          former spouse attended the settlement.  The documents necessary             
          to effectuate the transaction were mailed to petitioner, who                
          signed them and returned them by mail to the settlement attorney.           
               The sale of the townhouse produced a gain of $54,998.                  
          Although the details of the settlement have not been provided,              
          we assume that portions of the proceeds from the sale of the                
          townhouse were used to satisfy any outstanding encumbrances on              
          the property and to pay selling and/or settlement fees.  In any             
          event, from the $88,000 selling price, petitioner and her former            
          spouse netted $47,946.73 in the form of a single check payable to           
          both (the joint check).  Petitioner wanted separate checks                  
          issued, but for reasons not fully explained, the joint check was            
          issued.                                                                     






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