- 3 - 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 loanPage: 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