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in the joint money market account.
Petitioner did not contend that he did not have access to
the joint money market account or the monthly money market
account statements. Petitioner only claimed that he “never
looked at [the money market account]” monthly statements.
Contradicting that allegation is the fact that shortly after
filing the 1997 return and upon learning that Mrs. Parker was
considering divorce, petitioner, his sister Barbara Snyder (Mrs.
Snyder), and petitioner’s brother-in-law withdrew approximately
$69,000 from the joint money market account without Mrs. Parker’s
knowledge. This amount included the total pension distributions
of $43,783 deposited in the joint money market account during
1997. Upon learning of the withdrawal, Mrs. Parker filed suit
against all three individuals. As a result of the lawsuit, Mrs.
Parker was able to retrieve nearly $58,948 of the withdrawn
funds. The division of those funds was later settled in the
divorce proceedings. Mrs. Parker received $40,000, and
petitioner received $18,948.
Petitioner contends his mental health problems prevented him
from being involved in and understanding financial matters.
However, during 1997, petitioner continued to maintain his small
business. On December 19, 1996, petitioner and Mrs. Parker
obtained a loan in the amount of $12,200 and deposited the
proceeds in the clock account used for his small business to pay
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