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The value or amount of Richard’s limited assets and his
liabilities, as reflected on the above September 28, 1998,
financial statement is summarized below:
Assets Amount
Checking Account $ 10
5 Shares of Stock in
Central Maine Power Co. 75
Cash 1,000
1986 Volkswagen 1,500
Tools 3,300
Household Items 2,000
Garden Tools 1,000
Total Assets $ 8,885
Liabilities
Owed to Marilou per
Divorce Decree $52,000
Equipment Loan 22,353
Student Loan 17,315
Personal Loan 1,684
Total Liabilities $93,352
Richard’s financial statement did not reflect the farm
acreage and the residence acreage, consistent with Richard’s
claim that he had transferred his interests therein to his
daughters.
Respondent’s revenue officer undertook an investigation to
verify the accuracy of the items reflected on Richard’s financial
statement. Among other things, the revenue officer contacted the
Maine Department of Motor Vehicles to verify Richard’s ownership
of motor vehicles, and he contacted credit unions to verify the
loans Richard had listed on the financial statement.
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