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stallment payments in connection with this OIC.
He is required to pay for private school or col-
lege undergraduate tuition for his two children, and
his wife is only required to contribute in the event
her income exceeds $75,000 per year (page 10 of agree-
ment). It does not. In this event, Mr. Lloyd’s obli-
gation is limited to the cost of providing the cost of
undergraduate out-of-state education at the University
of Virginia. I have attached information from the
internet which indicates that the cost of tuition,
required fees, room and board for an out-of-state
student was $25,036 per year during the 2002-2003
academic year.
Per child annual obligation 25,036
X 2 children 50,072
Per month 4,172
Since this additional obligation exceeds by more
than threefold the amount you computed as a reasonable
installment payment, I trust you will understand why
the OIC cannot include any installment amount. * * *
On September 6, 2004, the first offer specialist sent a
letter to petitioner (first offer specialist’s September 6, 2004
letter). In that letter, the first offer specialist stated in
pertinent part:
This letter is only being sent to you because your
representative Mr. Silverberg, doesn’t have coverage
for the Excise tax assessed on Form 5330, Return of
Initial Excise Taxes Related to Employee Benefit Plans
for tax periods ending December 31, 1991 and December
31, 1992. The payoff balance computed through October
15, 2004 is $5,875.78.
In order to perfect your offer we have enclosed an
amended Form 656, Offer in Compromise that includes
these tax periods and have adjusted the offer figure to
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Last modified: March 27, 2008