- 7 -
Fair Quick Net
market sale realizable
Assets value value Encumbrance equity
Cash $3,600 -- -- 3,600
Retirement account 385,992 -- -- 385,992/
270,992
Vehicles:
1993 Chevy pickup 2,040 1,632 -- 1,632
1998 Dolphin motor home 42,160 33,728 43,822 -0-
2003 Dodge Grand Caravan 9,810 7,848 –- 7,848
Real estate 154,090 –- 67,777 189,913
597,692 43,208 111,599 488,985/
373,985
1 Petitioners’ net realizable equity in their home is actually
$86,313. This slight mathematical error is not significant to the
overall calculation.
Cochran increased petitioners’ reported income by $290 per
month to reflect the monthly portion of $3,493 in wages that
petitioners reported on their 2004 Form 1040, U.S. Individual
Income Tax Return, ($3,493/12 = $291.08). Cochran also adjusted
some of petitioners’ reported expenses. First, she disallowed $6
of the reported $800 in monthly food, clothing, and miscellaneous
expenses to reflect her application of respondent’s guidelines
(i.e., the national standard) to petitioners’ reported monthly
income of $2,516 and petitioners’ household size of two
individuals. Second, she disallowed $405 of the reported
household expenses to reflect her application of local guidelines
to petitioners’ circumstances. Third, she disallowed the
reported $478 monthly expense for the motor home because the
expense was not a basic living expense within the meaning of
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Last modified: May 25, 2011