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only $10,058 of Schedule C income. Petitioners also submitted to
Redding Bank a document entitled “Individual Financial Statement”
dated April 5, 2000, in which they represented that they had
wages of $150,000, business net income of $349,000, and total
income of $499,000 for 1999. They also provided to Redding Bank
a profit and loss statement for 1999 indicating gross receipts of
$489,049.55, while petitioners’ filed tax return reported only
$441,032 in gross receipts.
Petitioners purchased several vehicles in 1999 and 2000. In
April 1999, they purchased a 1999 GMC van for a monthly payment
of $715.39. On the credit application for that purchase,
petitioners represented that their annual gross income was
$350,000. In September 1999, petitioners made a downpayment of
$5,000 to purchase a 2000 Ford pickup truck for a monthly payment
of $627.20. On their credit application for that purchase,
petitioners represented that their gross monthly income from
employment was $13,300. Upon purchase of the 2000 Ford pickup
truck, petitioners paid $3,237.98 in cash to have off-road
alterations made to the vehicle. In August 2000, petitioners
made a downpayment of $2,000 to purchase a 2000 Chevrolet pickup
truck for a monthly payment of $592.82. On the credit
application for that purchase, petitioners represented that their
combined monthly income was $13,000.
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