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Home2 160,648
Less mortgage loan balance 103,982 56,666
124,038
1 The reported values of the IRAs (individual retirement
accounts) equal 70 percent of their account balances.
Petitioners reported the lesser values to reflect their
liability for income tax on a liquidation of the accounts.
2 The reported value equals the home’s assessed value.
The Form 433-A reported that petitioners had no disposable
income, listing that their monthly income totaled $3,223 and
their monthly living expenses totaled $4,042.4 The income was
reportedly attributable to Smith’s receipt of Social Security
and/or a pension.5 The living expenses were reportedly
attributable to the following items:
Food, clothing, and miscellaneous: $801
Housing and utilities: 11,360
Transportation: 2715
Health care: 3262
Taxes (income and FICA): 130
Life insurance: 259
Attorney fees: 4479
4,006
1 The Form 433-A reports that petitioners’ monthly
payment on their mortgage loan was $899 and that they
were required to make these payments until 2026.
2 The Form 433-A reports that petitioners’ monthly
payment on their car loan was $349.
3 Petitioners told Driver that they were experiencing
4 The listed expenses reported as totaling $4,042 actually
total $4,006.
5 Petitioners’ 2003 Federal income tax return reported that
they had $34,885 of adjusted gross income and $14,798 of taxable
income.
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Last modified: November 10, 2007