- 5 - 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.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011