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Form Instructions 8283 for Georgia: What You Should Know
The Property Company reported that the donor's 50,000 was 30,000 with interest. The 30,000 was paid to cover the final payment of the purchase price. This 10,000 of the ownership interest has no charitable purpose. ii. The appraisers reported that the value of the land was 80,000. iii. The appraisers also reported that if the Property Company bought the land to purchase another property the donor would not receive any gain. iv. The appraisers claimed that the donor intended the land to be worth 60,000. v. The appraisers stated that the sale of this property was not an eligible real estate investment. vi. After further investigation, the court entered a default judgment against the appellant for failure to file. vii. At a hearing on the default judgment, the appellant's attorney stated that the donors had given 50,000 which was part of a 100,000 agreement where the donors were paid in installments over four years with a 3% per month interest. ix. At the hearing on this matter, the judges noted that the 50,000 did not appear to be a gift. x. At the hearing on this judgment, the appellant's attorney filed a Motion “to quash and the Clerk to enter judgment.” xi. The appellant's attorney stated that Section B of the Form 8283 was being used improperly. xii. The Appraisers then provided proof from their bank records showing that the donor's account had 100,000 cash at the time of the final payment, which was in a trust account at a bank. xiii. The Appraisers claimed, through the documentation at the bank, that the money from the trust account was to be used for real estate investment. xiv. When this was investigated by the Appraisers, it was revealed that the 100,000 cash balance in the trust account was not available to the donors who did not give 50,000. The judge found that the Appraisers had lied regarding the 100,000 cash balance and therefore entered a “Default Judgment against the appellant” with no finding of guilt. xv. On the basis of the evidence at this hearing, the court entered a judgment of default against the appellant of 50,000 which is subject to further adjustment. The judge found that this section B was “being used improperly.
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