William H. and Jo Anne Lindley - Page 7

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          offered to pay $40,413 to compromise their outstanding tax                  
          liabilities for 1987 through 1995.6                                         
               On the Form 433-A, petitioners listed the following assets:            

          Asset                   Current Balance/Value    Loan Balance               
          Checking accounts       $739                     n/a                        
          Individual retirement   17,937                   n/a                        
          account                                                                     
          1997 Ford F-150         4,355                    $4,505                     
          1999 Toyota 4-Runner    6,125                    15,114                     
          1987 Honda Accord       425                      -0-                        
          House                   223,200                  259,295                    
          Personal effects        6,000                    -0-                        
          Total                   258,781                  278,914                    

          The loan balance on petitioners’ home included the balance on a             
          first mortgage ($217,552) and the balance on a second mortgage              
          ($41,743).  Petitioners also reported a “life annuity” valued at            
          $156,931, but did not include this as an asset because the                  
          annuity payments were included in their gross monthly income.               
               Petitioners reported gross monthly income of $9,124,                   
          representing Mr. Lindley’s wages of $5,845, Mrs. Lindley’s wages            
          of $1,779, and annuity payments of $1,500.  Petitioners also                
          reported the following monthly living expenses:                             



               6  Respondent proposed a levy with respect to petitioners’             
          1987-90 taxable years only.  The details regarding petitioners’             
          1992-96 taxable years are not in the record.                                




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