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Account Number Portfolio Detail Total Value
* * * 1315 Mutual funds $289,802.65
* * * 1323 Cash/mutual funds 86,848.52
The Kansas City Tax Clinic, in letters to respondent dated
May 5, 2005, and May 10, 2005, explained that petitioner’s
withdrawals from the Bank of America accounts were due to his
inability to work as a result of general downsizing in the
telecommunications market, his considerable personal expenses,
and his gambling addiction. The May 5, 2005, letter contained a
Bank of America statement dated February 27 through March 28,
2001, showing that in the course of 1 month, petitioner withdrew
nearly $4,000 from ATMs which the Kansas City Tax Clinic
describes as either “at the Woodlands racetrack,” or “the Argosy
Casino.”
Petitioner attached to his OIC Form 433-A, Collection
Information Statement for Wage Earners and Self-Employed
Individuals, on which he listed the following as his monthly
income and expenses:
Pension/Social Security 1$1,931.50
Food, clothing and misc. (513.00)
Housing and utilities (549.84)
Transportation (280.00)
Health care (183.24)
Taxes (253.16)
Income after expenses 152.26
1We note that petitioner did not receive Social Security
payments, and will not be eligible to receive such payments until
the year 2010. The $1,931.50 is solely the amount of the monthly
distribution from the IRA.
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Last modified: March 27, 2008