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At the time the petition was filed, petitioners resided in
Anacortes, Washington (Anacortes).
Claimed Casualty Loss
The Quissett
During 1984, petitioners acquired a sailboat named the
“Quissett” (Quissett), a 45-foot Peterson schooner made of wood
that was built in 1933. At a time not disclosed by the record,
petitioners began to use the Quissett for charter sailing.
Petitioners advertised the Quissett for charter sailing during
1997.
Petitioners maintained a checking account in the name
“Quissett Sailing Charters” (Quissett checking account) through-
out the period from at least August 1993 until at least June
1997. Petitioners continued to draw on that account through at
least the middle of 1997.
At all times that petitioners owned the Quissett, it re-
quired regular repairs and maintenance. At a time not disclosed
by the record, petitioners renovated the Quissett.
Certain Loans Secured by the Quissett
On June 17, 1992, petitioners applied for a loan of
$74,367.17 (1992 loan) from Seattle Postal Employees Credit Union
(Credit Union) by completing and signing a document entitled
“LOANLINER� ADVANCE REQUEST VOUCHER AND SECURITY AGREEMENT” (loan
application). The purpose of that loan as stated in that loan
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