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expenses as $3,775. Petitioner’s stated monthly expenses
included the following:
Monthly Expenses
Mortgage payments $1,250
Utilities 375
Food 400
Clothing 150
Vehicle 250
Entertainment 200
Insurance 150
Charity 500
Gifts, travel, miscellaneous 500
Total 3,775
Petitioner notes that her situation has changed in several
respects since she submitted the Form 886-A. Petitioner is no
longer employed.6 In lieu of the annual salary reported on the
Form 886-A, petitioner has received a monthly pension of $2,000
since her retirement. Petitioner also states that she paid off a
second mortgage on her home.
On June 3, 2003, petitioner provided respondent with
documentation regarding her assets. Petitioner disclosed to
respondent a net worth of $315,000, including a $25,000 checking
account, a $250,000 IRA, and $45,000 of equity in her home.
Petitioner contends that full payment of the tax liabilities
would require a distribution of approximately $210,000 from her
IRA account, leaving a balance of approximately $100,000.
6Petitioner states in petitioner’s brief that she is
considering a resumption of her teaching career.
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