Gerald E. and Nancy J. Toberman - Page 5




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         Toberman, and that as of the end of 1992, the corporation owed               
         petitioner $457,072.                                                         
         Bankruptcy Proceeding                                                        
              In 1990, petitioner filed for relief under chapter 11 of the            
         United States Bankruptcy Code.  On May 21, 1991, petitioner’s                
         bankruptcy case was dismissed for petitioner’s failure to file a             
         disclosure statement and plan of reorganization as directed by               
         the United States Bankruptcy Court.                                          
         Judgments Against Petitioner                                                 
              Before 1993, a number of judgments were entered against                 
         petitioner in favor of various creditors.                                    
         IRS Collection Information Statement                                         
              In 1993, petitioner submitted to the Internal Revenue                   
         Service (IRS) Form 433-A, Collection Information Statement for               
         Individuals (CIS), signed and verified by petitioner on March 3,             
         1993, as true, correct, and complete.  On the CIS, petitioner                
         reported that he had a net worth of approximately $389,650.7  On             
         the CIS, petitioner reported no outstanding loans from either                
         Bonnevista or Castle Towers.  On the CIS, petitioner disclosed               
         neither his ownership interests in Fantastic Foods nor any                   
         receivables from Fantastic Foods (Delaware).  Petitioner reported            



               7 The Collection Information Statement for Individuals (CIS)           
          indicates that as of Mar. 3, 1993, petitioner had assets                    
          comprising $50 cash and real estate worth $850,000 (subject to              
          encumbrances of $460,000), and had $400 of credit card debts.               





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