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about $12,000.00 by Asset Acceptance Corp in Dubuque
County District Court. The matter is pending.
As to the two rental units on University Avenue and
Wilson Street, he owns a one half (½) interest with his
brother, Michael. Michael has over $100,000.00 coming
for his investment in the purchases and improvements.
However, there is no note and mortgage. While there
hasn’t been a recent appraisal of the properties, it
appears Mr. Mootz’s one half interest could be
$50,000.00 or so for each. If the two properties were
sold for a total of $200,000.00, it appears Michael
could be entitled to the full purchases price.
Mr. Mootz indicates he owes his mother about
$120,000.00. There is no note or mortgage. Mr. Mootz
has four brothers and it is highly unlikely he would
inherit anything from his mother.
Mr. Mootz indicates that he has not had any employees
since the period he reported having an employee.
Mr. Mootz had originally made a lump sum offer to the
IRS of $10,000.00. He intended to borrow said sum from
a relative as he would be unable to borrow money from
conventional sources. After he made the offer I.R.S.
apparently received $2,000.00 for the State of Iowa,
forfeiting his $2,000.00 state sales tax bond. He
should be given credit for said sum on his offer of
compromise. [Reproduced literally.]
On June 17, 2005, the settlement officer reviewed the
information that petitioner’s authorized representative submitted
in his May 5, 2005 letter. After that review, the settlement
officer made the following pertinent entries in his “Case Activ-
ity Records”:
R/E equity is estimated at $50K apiece in ea of rental
properties, altho POA says that TP owes substantial
sums to both brother and mother, neither of whom have
notes or mortgages to secure their debts. Thus, TP
legally has about $100K equity in these properties, so
an offer is out of the question. * * * Liens are filed
on basically all IMF and BMF accounts at this time, so
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Last modified: November 10, 2007