- 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 Next
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