- 3 - During the marriage, Glenn maintained two separate checking accounts and one separate savings account. Petitioner never had access to Glenn’s separate bank accounts. Petitioner never opened and never reviewed Glenn’s bank statements. Petitioner has never received any training or instruction in business or taxes. Over the years, petitioner has simply deposited what remained, after expenses, of her approximate $18,000 yearly salary into a checking account jointly maintained by Glenn and petitioner. During the years in issue, Glenn was a college graduate employed as a high school principal and earned approximately $42,000 annually. During Glenn and petitioner’s marriage, Glenn handled all significant financial matters, leaving some routine bills and expenses to be paid by petitioner, which petitioner paid out of the joint checking account. Glenn made all mortgage and life insurance payments and the payments relating to his separate investments out of his separate checking accounts. In early 1990, through staff members at the school where Glenn was a principal, Glenn learned of an investment opportunity promoted by Walter J. Hoyt III that involved investing in cattle breeding partnerships (the Hoyt partnerships).1 1For a detailed description of the Hoyt partnerships see Bulger v. Commissioner, T.C. Memo. 2005-147.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 NextLast modified: November 10, 2007