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A Right.
Q What source did your husband attempt to use
to pay the 1997 taxes that were due?
A Well, we were told that the IRS was the
number one creditor. And we expected the Court, the
Bankruptcy Court to pay the taxes.
Q Any other source?
A If we--well, the pension plan. Because we
thought the pension plan was protected, and we never
thought that was going to be taken away from us.
Q How much was in the pension plan?
* * * * * * *
A Over a million dollars. Plus my husband’s
life insurance ended up being in there too. So over $2
million in the end.
Q Did somebody tell you that the pension funds
were exempt?
A We have always been told that the pension
plan was exempt. Yes.
* * * * * * *
Q What would have happened if the pension plan
didn’t pay for the taxes and the bankruptcy hadn’t paid
for the taxes? Was there any other source of--
A My husband would have had to go back to work,
which he ended up having to do anyway.
With respect to 1999, counsel inquired: “what was your intent
regarding the balance due that was shown on the 1999 tax return”?
Petitioner replied: “I anticipated money coming from the
Bankruptcy Court to pay it off”, and she went on to cite the
pension plan and life insurance.
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Last modified: November 10, 2007