- 8 -
Other expenses (attorney’s fees) 728
Total 9,510
Ms. Cochran determined that petitioner’s net realizable
equity in each of his reported assets was the same as its
reported value except that she reduced the reported value of the
stock and of each vehicle by 20 percent to reflect the assets’
quick sale value and increased the reported values of
petitioner’s house and Arizona property because they had not been
based upon current appraisals and current market prices. Ms.
Cochran summarized petitioner’s assets and liabilities as
follows:9
Assets Current Value
Cash $52,251
Stock 20,323
Furniture 960
Vehicles 51,856
Real property(one-half
interest) 171,500
Total 296,890
Using petitioner’s average income over 38 months, she
determined his monthly income was $11,012, not $8,110. As to the
reported expenses, Ms. Cochran disallowed actual expenses for
food, clothing, and miscellaneous; housing and utilities; and
transportation, and applied the national and local standard
9 This amount does not include the value of petitioner’s
pension. Petitioner testified that under his pension he will
receive 82 percent of his current gross income of approximately
$102,000 plus an annual cost of living raise of 2.5 percent
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Last modified: May 25, 2011