- 4 - 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 ApplicationPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Next
Last modified: May 25, 2011