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their investments included (1) Vanguard--401(k) with a current
value of $267,578, (2) Fidelity--401(k) with a current value of
$14,007, and (3) a U.S. Savings Bond with a current value of $28;
they had $100 of cash on hand; they had available credit of
$19,750 from Discover Card and $4,200 from Capital One; they had
life insurance with a current cash value of $20,455; they owned
two cars (a 1991 Toyota Previa and a 1995 Toyota Avalon); they
owned the following real estate (1) a home in Beverly Hills,
Florida, purchased in June 1995 for $183,000, with a current
value of $168,000, a loan balance of $150,245, and a monthly
payment totaling $1,465, and (2) a home in Charlotte, North
Carolina, purchased in October 2002 for $95,000, with a current
value of $76,000, a loan balance of $75,000, and a monthly
payment of $872; and no personal assets (i.e., zero).
In determining the current value of their investments,
petitioner and Christopher valued them at 60 percent of the face
value of the investments even though the Form 433-A states:
“Current Value: Indicate the amount you could sell the asset for
today.” In determining the current value of their real estate,
petitioner and Christopher valued their homes at “80 percent
quick sale value” even though the Form 433-A states: “Current
Value: Indicate the amount you could sell the asset for today.”
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