- 7 -
submitted on the grounds of doubt as to liability7 and effective
tax administration. Petitioner’s revised Form 433-A reported no
future income potential and assets with a total current value of
$232,436, including the following:8
Assets Current Value
Cash $52,251
Stock 25,404
Furniture 960
Vehicles 64,821
Real property(one-half
interest)1 89,000
Total 232,436
1 The real property consisted of petitioner and his wife’s
house in Westminster, California and property they owned in
Prescott, Arizona.
The Form 433-A also reported the following monthly items of
income and expenses:
Total Income Amount
Wages $8,110
Total Living Expenses
Food, clothing, and miscellaneous $2,335
Housing and utilities 2,742
Transportation 705
Health care 1,747
Taxes (income) 1,225
Life insurance 28
7 The doubt as to liability issues were not argued on brief
and not considered here.
8 Form 433-A states that each asset reported on the form
should be valued at its “Current value”, defined on the form as
“The amount you could sell the asset for today”.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011