- 5 - 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”.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