- 8 - PETITIONER: That was my IRA, designated as my IRA. THE COURT: Okay. Now at some point or other presumably you would have need for your IRA, correct? PETITIONER: * * * Instead of drawing it out from Fidelity, I’m drawing it out from MHI. * * * * * * * PETITIONER: * * * in addition to the increase in money received because of the rent from Fidelity if I was making eight percent, I’m making ten or 12 here, plus there’s a good share that when that property is sold there will be a capital appreciation at least of $10,000, so that was a good investment. * * * * * * * PETITIONER: * * * All I know is that it’s [the agreement between petitioner and MHI] designated in the corporate files and on that file that it’s my IRA. * * * * * * * PETITIONER: * * * We don’t have a written agreement. If I set up something like this, she would say okay, you’re the father. You do it. But, she has no legal obligation to do anything that I say.[9] 9 Petitioner corroborates this description of the Veazie property-IRA arrangement in his letter to the Internal Revenue Service dated May 23, 2000, which stated, in part, as follows: I was not pleased with the return I was getting from Fidelity. On the Veazie Street investment, with a purchase price of $52,250 invested, I, with the rental income, am making over 18% per year in interest, and have a good opportunity for capital gains when the property is sold. This certainly is a lot better than what I was getting at Fidelity. This whole transaction is recorded in the corporate records as an IRA investment from me. The $2,252.85 difference between the purchase price of $52,250.00 and the $49,997.15 transfer from Fidelity is (continued...)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