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B.A. in business administration, a master’s degree in taxation,
and has been a certified public accountant (C.P.A.) for 20 years.
Mr. Rolling personally prepared petitioner’s and Caspian’s tax
returns for the years in issue, and he also provided general
advice to petitioner and Caspian on tax, accounting, and other
financial matters.
During 1999, petitioner applied for a residential loan. In
connection with that loan, petitioner and his wife, Gail S.
Ferrando-Teymourian (Ms. Ferrando-Teymourian), signed a Uniform
Residential Loan Application (loan application). The loan
application was not personally filled out by petitioner, but
instead was prepared by Reza Zargari of Gateway Residential
Funding. On the loan application, under “VI. Assets and
Liabilities, Schedule of Real Estate Owned,” petitioner reported
that he had net rental loss of $948 from property located at 94
Grand Street4 in Redwood City, California (Redwood City house),
and net rental income of $1,350 from property located at 1271
Granville in Los Angeles, California (Los Angeles condominium).
At the time the loan application was filled out, petitioner’s
primary residence was the Redwood City house, and petitioner’s
parents lived in the Los Angeles condominium.
4 On the loan application, due to a typographical error, 94
Grand Street appears “94 Grant Street.”
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