- 14 -
his agent filed with the Osceola County Recorders Office paid
documentary stamp taxes of only $.50, reflecting a reported sales
price of less than $100.
Petitioner maintained the following bank accounts during the
tax years at issue:
Bank Name Account Number Account Name
Freedom Savings and Loan 32-480-9 Walter L. Medlin
(formerly Com Bank) Trust Account 1
Tucker State Bank 1089234 Walter L. Medlin
Tucker State Bank 18066 Walter L. Medlin
Trust Account 1
The accounts titled “Trust Account 1” were actually petitioner’s
personal bank accounts. Petitioner was also the beneficiary of a
Cayman Islands trust account at Washington International Bank and
Trust, Ltd., which he had funded.
On a financial statement dated November 15, 1985, petitioner
represented that he had a net worth of $10,822,260, and he valued
his automobile collection at $2,717,000. On a financial
statement dated June 1, 1988, petitioner represented that he had
a net worth of $7,121,800. On a financial statement dated
September 20, 1989, petitioner represented that he had a net
worth of $8,837,000.11
Thomas Brooks, a certified public accountant, prepared
petitioner’s tax returns for the 1977-1982 tax years. Petitioner
provided spreadsheets of his income and expenses to Mr. Brooks
11The financial statements dated June 1, 1988, and Sept. 20,
1989, do not include a listing for petitioner’s automobile
collection.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011