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By letter dated February 10, 2003, petitioner provided to
Ms. Boudreau the last of the information necessary for her to
review the offer in compromise.
By March 19, 2003, Ms. Boudreau had reviewed the offer in
compromise and supporting information submitted by petitioner and
had concluded that the offer was too low. By letter dated March
19, 2003 (the March 19 letter), Ms. Boudreau informed Mr. Burke
that an acceptable offer in compromise would have to be of at
least $97,884. She enclosed copies of the income/expense and
asset/equity tables that she used to compute that amount. Based
principally on information provided by petitioner, Ms. Boudreau
calculated petitioner’s total monthly income to be $4,235 ($2,618
of net business income and $1,617 of pension income) and his
necessary monthly living expenses to be $3,107, with a difference
of $1,128. Ms. Boudreau multiplied the difference times 60 to
determine the amount petitioner could pay over 60 months; viz,
$67,680. Also based principally on information provided by
petitioner, Ms. Boudreau calculated petitioner’s net realizable
equity to be $30,204. The sum that petitioner could pay over 60
months, $67,680, and his net realizable equity, $30,204, is
$97,884 (the amount Ms. Boudreau had identified as an acceptable
offer in compromise). Ms. Boudreau invited petitioner to submit
an amended offer in compromise in the amount of $97,884 by April
9, 2003.
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