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company executive. He managed our financial
affairs and all tax matters. I had no idea he
invested in Madison Recycling or that it had tax
implications.
14. What business experience did you have during the
year(s) you are requesting relief
None.
15. Have any assets been transferred from your
(ex)spouse to you. : Yes 9 No
If yes, list the assets and the date of transfer.
Explain why they were transferred to you.
In 1987, before I learned about any tax problems,
we had wills prepared. The estate planning
attorney advised us to each have separate assets.
Our residence was transferred from joint ownership
to me. My husband already had other assets in his
name.
16. How was the extra money from the unpaid taxes
spent
I did not receive any money from a tax refund. I
later learned my husband used the refund to form a
new start up company called Riverside Polymer
Systems, Inc. The company went bankrupt in 1989
and the investment was lost.
17. Explain any other factors you feel should be
considered for granting relief
During 1982, I was completely consumed with
raising three sons, ages 17, 15, and 13. I was a
post doctorate research assistant working in the
field of immunology. I did not have time or
knowledge about business or tax matters to be
involved in those areas. My husband always took
it upon himself to manage financial/tax affairs
and it was not my place to do so. [Reproduced
literally.]
Petitioner did not complete Part 2 of petitioner’s Form
12510. That was because petitioner is not seeking relief under
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