- 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.
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Last modified: May 25, 2011