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disqualified assets are transferred to the requesting spouse by
the nonrequesting spouse, relief will be available only to the
extent that the liability exceeds the value of those disqualified
assets. Rev. Proc. 2000-15, sec. 4.01(6). Petitioners presented
no evidence of the value of the disqualified assets. However, on
the basis of the figures on the financial statement, the combined
value of the home, the boat, and the automobile is at least
$210,000.9
Petitioners’ only rebuttal to respondent’s contentions is
that Davis Etkin transferred this property to Lois Etkin because
of their marriage. However, this argument loses much of its
credibility in light of the fact that Davis Etkin transferred the
property to Lois Etkin over 10 years after they were married. In
addition, the transfer of the house occurred proximately to the
filing of the liens for the taxable years 1997-99 and before the
April 2002 Federal tax lien was filed for the taxable year 2000.
The car and the boat were transferred to Lois Etkin after the
8(...continued)
date on which the first letter of proposed deficiency which
allows the taxpayer an opportunity for administrative review in
the Internal Revenue Service Office of Appeals is sent shall be
presumed to have as its principal purpose the avoidance of tax or
the payment of tax. Respondent does not rely on this presumption
in this case since there was no notice of deficiency or of
proposed deficiency.
9Given the outdated nature of the statement, it is plausible
that these values have slightly fluctuated; however, this does
not concern us in light of the fact that the estimate exceeds the
tax liability by approximately 400 percent.
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