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petitioners owned assets with a total current value of $311,994,
inclusive of the following:6
Assets Current value
Cash in accounts $101,981
Retirement accounts 120,903
Vehicles:
1992 Chevy Lumina 200
1993 Mercury Villager 1,340
1999 Buick LeSabre 3,230
Home 84,340
311,994
The Form 433-A also reported the following monthly items of
income and expense:
Items of income Amount
Husband’s wages $8,512
Wife’s wages 3,427
11,940 (as rounded)
Items of expense Amount
Food, clothing, and miscellaneous $2,000
Housing and utilities 1,500
Transportation 300
Medical expenses 400
Taxes 4,000
Life insurance 227
Other expenses 275
8,702
Cochran determined that petitioners’ net realizable equity
in their cash was either the $101,981 reported in their bank
6 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”.
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Last modified: May 25, 2011