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Liabilities Totals
1st mortgage 61,616
2nd mortgage 40,774
RC Willey 1,300
Providian 2,250
Chase Mastercard 5,000
AmeriCredit 32,465
Medical 550
Medicine 900
Discover card 2,500
Texaco 1,500
Mrs. Gale’s student loan 6,000
Dentist 1,100
Petitioners purchased the 2001 Blazer in January 2001 for
$32,000. Mr. Gale estimated that the Blazer was worth $25,000
when the second mortgage was canceled. He did not consult any
publication showing used car values.
Petitioners’ records do not show the value of Mr. Gale’s
CSRS pension benefit or thrift savings account at the time the
second mortgage was canceled. Mr. Gale believed that had he
retired in 2003, his CSRS pension benefit would have been
approximately $858 per month. Mr. Gale contributed to a thrift
savings account from about 1984 to 1990. He did not make any
contributions to his thrift savings account after 1990. In 1998,
Mr. Gale borrowed from his thrift savings account to make the
downpayment on the house.
Petitioners employed Julie K. Young of JKY Tax Service to
prepare their 2003 Form 1040, U.S. Individual Income Tax Return.
Petitioners jointly filed the return prepared by Ms. Young.
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Last modified: May 25, 2011