- 5 - the whole amount of $132,670.30 was not deposited in the joint checking account. Petitioner and Ms. Glenn had opened this joint checking account before 1990. Petitioner also deposited his paychecks in the joint checking account. However, Ms. Glenn did not deposit her paychecks into the joint checking account; instead, she had a separate personal checking account where she deposited her paychecks. During the period from July 27 through December 31, 2001, petitioner wrote checks totaling $66,082.07 drawn on the Harris Trust & Savings Bank joint checking account as follows: Date Check No. Description Amount 7/27/2001 136 Payable to: Discover $2,700.00 8/1/2001 137 Payable to: Citibank 3,450.55 8/21/2001 147 Payable to: First USA 23,000.00 9/5/2001 164 Payable to: Citibank 6,938.63 9/5/2001 165 Payable to: Union Federal27,701.51 9/29/2001 185 Payable to: First USA 1,215.40 10/24/2001 204 Payable to: First USA 1,075.98 Total 66,082.07 Both petitioner’s and Ms. Glenn’s names were on their credit cards financed through Discover, Citibank, and First USA, and both of their names were on the home mortgage note they received from Union Federal. Therefore, petitioner and Ms. Glenn were jointly liable for the credit card debts and home mortgage which were paid by the above checks. 4(...continued) the savings account to the checking account, as needed, to cover checks written on and withdrawals from the checking account. Petitioner used the savings account to earn interest while the large sum of money was not being used.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011