- 7 -
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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