- 4 -
on or about June 1, 1992. After this plan was fine tuned, the
debtors filed a first amended joint plan of reorganization on
April 14, 1994.
Mr. Lassiter’s individual bankruptcy case continued after
his death. He continued to be included in the proceeding as
debtor-in-possession, as though he had not died. He continued to
be included in all actions concerning the plan of reorganization,
including the Bankruptcy Court’s December 21, 1994, order of
confirmation. That order terminated each debtor’s bankruptcy
estate.
Taking into account the Lassiters’ original and amended
income tax returns and all adjustments respondent made to those
returns (other than those at issue in this case), their taxable
income or NOLs for 1987 through 1994 are as follows:
Year Income/(NOL)
1987 $190,121
1988 -0-
1989 49,967
1990 (1,674,676)
1991 2,963,747
1992 399,836
1993 57,716
1994 811,040
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