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$3,554 (after subtracting for outstanding loans). They also
owned two cars (a 2001 Ford Windstar and a 1990 Honda Civic)
worth a total of $12,790 (with no outstanding loans on the
vehicles); a 1998 Sea-Doo GTi 3-Pass, a 1997 Sea-Doo GTi 3
3-Pass, and a Kawasaki VN 1500-D2 Vulcan Clsc worth a total of
$9,160 (with no outstanding loans on the vehicles); they were
leasing a 2002 Ford Ranger; and they had no personal assets
(i.e., zero).
In determining the current value of their Form 433-A
investments, petitioner and Mr. Ellison valued them at 60 percent
of the face value 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 Mr. Ellison valued their home 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.”
Under the monthly income and expense analysis on Form 433-A,
petitioner and Mr. Ellison listed monthly wages of $4,688 for Mr.
Ellison, monthly wages of $1,977 for petitioner, and monthly
interest/dividends of $33 for total monthly income of $6,698.
Under total living expenses, petitioner and Mr. Ellison listed
$1,290 for food, clothing, and miscellaneous; $1,583 for housing
and utilities; $617 for transportation; $1,452 for taxes; $210
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