The disclosure concerning Ard Rhei's alleged losses states:
As per the direction of John J. Burke, amounts approximating the
results of Ard Rhei, Inc.'s (S-corporation, I.D.# 11-2734819)
operations have been included on the shareholders personal tax
return in order to more accurately reflect the income stated on
the Form 1040. The corporation's tax return has not been filed to
date.
C. Respondent's Determination of Income
During the years in issue, the following bank accounts were maintained
by petitioners and the Burke Insurance Agencies:
Bank Account Title Account no.
Bank of Smithtown John J. Burke or 164002479
Vivian Burke
Bank of Smithtown John J. Burke & 134014141
Associates
Expense Account
Bank of Smithtown John J. Burke & 134014133
Associates
Premium Account
Bank of Smithtown Burke-Shepis and 134014166
Co., Inc.
Marine Midland John J. Burke & 921133120
Associates
MPC Premium Account
Marine Midland John J. Burke & 921119747
Associates
Marine Midland John J. Burke & 921119755
Associates
Premium Account
Marine Midland John J. Burke & 921692978
Associates
C.H.I.E. Account
Marine Midland John J. Burke & 921119763
Vivian Burke
Marine Midland Burke-Shepis & Co. 928127753
Inc. Expense Account
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Last modified: May 25, 2011