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to the loan officer’s questions, petitioner estimated that his
monthly income was $5,217. Petitioner signed and dated the loan
application. In mid-March 1995, petitioner entered into a
contract to purchase a home for $140,000.
The mortgage company requested petitioner’s income tax
returns from the previous 2 years. Petitioner telephoned his
father and requested copies of his income tax returns for taxable
years 1993 and 1994. Petitioner obtained copies of his income
tax returns from his father and submitted them to the mortgage
company without reviewing them. The 1993 return submitted to the
mortgage company reflected Schedule C net income of $51,297.
This return differed in the amount of income from the one filed
with the Internal Revenue Service. There were also differences
in petitioner’s signatures. The date reflected on the return
provided to the mortgage company was April 15, 1994, and was not
in petitioner’s handwriting.
The 1994 income tax return submitted to the mortgage company
reflected Schedule C net income of $50,685, an amount different
from that reported to respondent. These returns also contained
differences in petitioner’s signatures. The date reflected on
the 1994 return provided to the mortgage company was February 2,
1995, and was in petitioner’s handwriting.
Petitioner did not read any of the loan documents relating
to the purchase of the home. Instead, the loan officer explained
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