- 3 -
Community Church (Community Church) about purchasing property
petitioners owned in Winter Haven, Florida (Winter Haven
property). The Winter Haven property consisted of a building and
approximately one acre of land.
On October 16, 1996, David Collins (Mr. Collins),
petitioners’ real estate agent who managed the Winter Haven
property, indicated by letter to petitioners that an appropriate
asking price for the Winter Haven property would be “$185,000 to
$200,000”. Petitioners and Community Church subsequently agreed
on a sales price of $200,000 for the Winter Haven property.
Prior to completing the sale with Community Church,
petitioners met with their accountant, Edmund Nunez (Mr. Nunez),
C.P.A. Petitioners provided Mr. Nunez with a copy of the letter
from Mr. Collins. Mr. Nunez suggested to petitioners that the
transaction with Community Church be structured as a part
sale/part gift. Mr. Nunez specifically suggested that
petitioners sell the Winter Haven property to Community Church
for $100,000 and make a gift to Community Church of the remaining
$100,000.
On December 5, 1996, petitioners and Community Church
executed the part sale/part gift arrangement.
B. The Angler Motor Boat
During 1996, petitioners owned a 1982 21-foot Angler motor
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011