- 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 Next
Last modified: November 10, 2007