- 3 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011