- 6 - loan). Mr. Assaad signed a deed of trust in favor of First National, which secures 9 Isabella as collateral for the First National loan.6 On or about April 17, 1990, First National lent Mr. Assaad an additional $100,000 (additional First National loan). Mr. Assaad signed a deed of trust in favor of First National, which secures 9 Isabella as collateral for this loan.7 At some point, California Federal Savings and Loan Association (California Federal) lent money to petitioners to repay the loans from First National, and for other purposes.8 On October 31, 1990, California Federal recorded a deed of trust and assignment of rents that petitioners executed in favor of California Federal and against the real estate at 9 Isabella. A statement from California Federal to petitioners, dated March 9, 1992, states that the total interest paid on a certain loan no. 10743062 for 1991 was $113,812.35. At some point in 1992, the house at 9 Isabella was sold for $1,250,000.9 Petitioners filed joint Federal income tax returns for their 1992, 1996, and 1997 taxable years. They attached a Schedule C, 6The construction trust deed cites a note of $875,000, which contains a variable interest rate. 7The deed of trust cites a note of $100,000, which contains a variable interest rate. 8Petitioners received $120,802.70 cash back on this refinancing transaction. 9Petitioners were paid $131,514.95 of the proceeds from the sale of 9 Isabella.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