- 5 -
Mr. Glenn received a check from Fidelity Investments in the
amount of $132,670.30.4 In August of 2001, Mr. Glenn deposited
$123,700 into his and petitioner’s joint checking account with
Harris Trust & Savings Bank.5 Mr. Glenn could not recall why the
whole amount of $132,670.30 was not deposited in the joint
checking account. Petitioner and Mr. Glenn had opened this joint
checking account before 1990. Mr. Glenn also deposited his
paychecks in the joint checking account. However, petitioner 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,
Mr. Glenn wrote checks totaling $66,082.07 drawn on the Harris
Trust & Savings Bank joint checking account as follows:
4This amount represents the total sec. 401(k) distribution
of $165,838, less Federal income tax withheld of $33,167.58.
5Mr. Glenn transferred $100,000 from the joint checking
account into a joint savings account which was also held with
Harris Trust & Savings Bank. Mr. Glenn transferred money from
the savings account to the checking account, as needed, to cover
checks written on and withdrawals from the checking account. Mr.
Glenn 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