Kamil F. and Nagwa Gowni - Page 8

                                        - 8 -                                         
          years in issue.  Micca purchased real property and, with                    
          financing provided by Amoco, built a gasoline station and                   
          convenience store on that property.  Micca operated the gasoline            
          station from 1996 until sometime in 1998.  Micca filed a                    
          corporate income tax return for 1996 and reported taxable income            
          of $52,923 for that year.                                                   
               H.  Tomson, Inc.                                                       
               In August 1995, Tomson, Inc. (Tomson), was organized as a              
          Florida corporation.  Messrs. Gowni and Mansour owned and                   
          operated Tomson.  In 1995, Tomson negotiated the purchase from              
          Amoco of an existing Amoco gasoline station that was located in             
          Orlando.  The purchase price of the gasoline station was                    
          $330,000.  Tomson was to pay Amoco $140,000 at closing.  Tomson             
          borrowed $140,000 from Citicorp North America, Inc., in order to            
          make this payment.  The remaining $190,000 of the purchase price            
          was secured by a note owed to Amoco.  The note was payable over             
          10 years and was reduced by 1 cent for every gallon of motor fuel           
          that Tomson purchased from Amoco.  The closing date for the sale            
          was January 22, 1996.                                                       
               Tomson contracted with Orange Petroleum, Inc. (Orange                  
          Petroleum), for the installation of gasoline tanks and related              
          work.  Tomson paid Orange Petroleum $159,462 for this work, which           
          was completed by April 22, 1996.                                            








Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011