- 3 -
Petitioner continued to work until 1997. In 1998,
petitioner was classified as disabled by the Social Security
Administration (SSA), effective as of January 1, 1997.
Petitioner currently receives monthly disability payments of $704
from SSA. Petitioner also receives $175 per month from SSA for
each of his two children.
During the taxable year 1997, petitioner and Mrs. Parker
often ate lunch together. They often went to the bank together.
They opened their bank accounts together. They talked about
money frequently. They maintained two joint checking accounts at
the U.S. Bank. One account was used for household expenses and
the other account was referred to as the “clock account”.
Petitioner and Mrs. Parker also maintained a joint money market
account at the U.S. Bank during 1997.
Petitioner wrote checks from both the household account and
the clock account. The household account was the regular
checking account. The clock account was generally used for a
small business in which petitioner purchased antiques and
collectibles for resale at retail spaces rented by petitioner.
Petitioner used the clock account to deposit amounts received
from the sales of the antiques and collectibles. Petitioner
handled all the business transactions with respect to this
business which included, among other things, reviewing the clock
account bank statements. Mrs. Parker only balanced the clock
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011