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In a letter dated June 10, 1996, petitioner said that
petitioners had one mortgage with a balance due of $259,492.47
and monthly payments of $2,084.36 for principal and interest.
Petitioner wrote that their certified public accountant and
attorney had told them that foreclosure on petitioners’ home
would generate $61,548 of additional income tax in the year of
the foreclosure. Petitioner said that their son had been
diagnosed with attention deficit disorder and Tourette’s
syndrome, and that the benefits of the private high school
attended by their son far outweighed the $350 per month tuition
cost.
Petitioner attached to his June 10, 1996, letter, a letter
from a realtor stating that it was highly likely that the
proceeds from the sale of the home would be less than the balance
due on the mortgage. Petitioner provided documents showing that
utilities had cost $230.32 per month for the previous 3 months.
Petitioner attached a letter from a dean of the College of the
Pacific stating that petitioner was required to pay $500 per
month for unreimbursed employee expenses. Petitioner also
attached documents showing the balances of petitioners’
retirement funds. Petitioner said that petitioners could not
withdraw those funds.
On September 27, 1996, petitioners filed with respondent an
Application for Taxpayer Assistance Order (Taxpayer’s Application
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Last modified: May 25, 2011