Limited Gaming of America, Inc. - Page 2




                                                - 2 -                                                  
            Respondent filed a Notice of Objection to Petitioner’s Motion for                          
            Partial Summary Judgment and Respondent’s Memorandum of                                    
            Authorities.  Petitioner filed Petitioner’s Reply to Respondent’s                          
            Notice of Objection to Petitioner’s Motion for Partial Summary                             
            Judgment.  As explained more fully below, we will deny                                     
            petitioner’s Motion for Partial Summary Judgment.                                          
            Background                                                                                 
                  By a notice of deficiency mailed to petitioner on July 1,                            
            1998, respondent determined deficiencies in Federal income taxes                           
            due from petitioner for the fiscal years ended February 28, 1993                           
            and 1994 in the amounts of $217,280 and $126,017, respectively.                            
                  Petitioner timely filed a petition in this case on February                          
            19, 1999, and respondent timely answered on April 12, 1999.                                
                  Limited Gaming of America, Inc., hereinafter referred to as                          
            LGA or petitioner, is a Colorado corporation originally formed on                          
            May 5, 1991.  LGA is a “C” corporation; it has a fiscal year                               
            ending on February 28.                                                                     
                  On or about January 4, 1994, LGA caused to be formed Sunrise                         
            Island Timber Company, hereinafter referred to as Sunrise, a                               
            Florida general partnership, for the purpose of holding real                               
            property consisting of an island located in the Mississippi                                
            River.  Sunrise was subsequently converted to a Florida limited                            
            partnership in February 1995.                                                              








Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  Next

Last modified: May 25, 2011