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For the fiscal year ended February 28, 1993, LGA filed its
Federal Corporate Income Tax Return, reporting taxable income,
before net operating loss deduction and special deductions, in
the amount of $2,053,385. From that amount, LGA deducted a net
operating loss of $974,231, reducing its taxable income to
$1,079,154 and reported tax due in the amount of $839,766.
For the fiscal year ended February 28, 1994, LGA filed its
Federal Corporate Income Tax Return, reporting taxable income in
the amount of $3,224,801 and reported tax due in the amount of
$649,738.
During 1995, Mr. Robert Lobato acquired ownership and
control of LGA.
On February 7, 1996, both LGA and Sunrise filed Chapter 11
bankruptcy petitions with the Bankruptcy Court for the Northern
District of Oklahoma.
On or about November 21, 1995, Mr. Lobato caused to have LGA
prepare a Corporation Application for Tentative Refund (Form
1139), carrying back losses incurred by LGA during its fiscal
year ended February 28, 1995, to its fiscal years ended February
28, 1993, and February 28, 1994. LGA claimed refunds for its
fiscal years ended February 28, 1993 and 1994 in the amounts of
$216,074 and $649,738, respectively. The claimed refunds were
primarily based upon Mr. Lobato’s decision to substantively
consolidate both LGA and Sunrise for Federal income tax purposes.
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Last modified: May 25, 2011