- 6 - Fair Quick Net market sale Encumbrance realizable Assets value value or exemption equity Cash $46,441 -- -- $46,441 Cash value of life insurance 12,707 -- -- 12,707 Retirement accounts 491,121 -- $10,000 481,121 Vehicles: 1984 Subaru Brat 1134 $107 -- 107 2000 Cadillac Escalade 11,975 9,580 9,131 449 Real estate (residence) 171,000 –- 103,482 67,518 Real estate (Oregon property) 96,693 –- -- 96,693 Furniture/personal effects 4,000 –- 7,200 0 834,071 9,687 129,813 705,036 1 Petitioners had listed the value of this vehicle as $138. In her comments following this summary, Cochran stated that she had not taken into account the value of petitioners’ S corporation, Bear Mart Auto Sales, Inc.6 She also did not include petitioners’ real estate holdings, reported as having a current value of $588,882. The only adjustment that Cochran made to petitioners’ claimed expenses was that she allowed $1,093 for housing instead of the $1,953 that petitioners had claimed. Cochran stated that she made this adjustment in accordance with current local guidelines and that she considered petitioners’ particular circumstances, but they did not warrant allowing the higher figure submitted by petitioners. Cochran determined that petitioners’ net realizable equity in their assets was $705,036 and that they had a monthly 6 Petitioners had completed and submitted to Cochran a Form 433-B, Collection Information Statement for Businesses, which listed the assets and liabilities of their S corporation.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