- 6 - Also, information obtained by the settlement officer indicated that, just prior to the above 1996 purchase of the real estate, petitioners sold a house in Nashville, Tennessee. Petitioners did not provide to the settlement officer requested information regarding the disposition of the proceeds from the sale of the Nashville house. Based on valid and unresolved concerns regarding ownership of the real estate on which petitioners’ mobile home residence was located, the settlement officer rejected petitioners’ offer in compromise of $180 per month and calculated a minimum acceptable offer in compromise from petitioners of $529 per month for 116 months, until a total of $61,364 would be paid. In preparing computations of this new minimum amount for an acceptable offer in compromise from petitioners, the settlement officer used a fair market value for the real estate of $82,300, based upon a 2001 local property tax appraisal. The settlement officer calculated petitioners’ net realizable equity in the real estate at $39,840. Petitioners disputed the settlement officer’s decision to consider the equity in the real estate in evaluating their offer in compromise. Petitioners, however, did not submit to respondent’s settlement officer information sufficient to resolve the settlement officer’s question regarding ownership of the real estate.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011