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paid for their benefit. See section B-3, below. Petitioners
reported $27,300 in miscellaneous income for 1970.
B. Resyn Corporation
1. Formation of Resyn Corporation
Petitioner and about 11 other people formed a chemical
company called Resyn in 1951. Resyn was incorporated in 1953.
Its principal offices were in Linden, New Jersey. Petitioner
bought the stock of the other Resyn shareholders around 1956 for
the amount of their original investment in the company.
Petitioner controlled Resyn's operations during the years in
issue.
2. Resyn Corporation's Operations
Resyn bought, manufactured, and sold resins and other
chemicals and oils used to manufacture paint. In the late
1950's, Resyn began to produce a chemical resin used by the Ford
Motor Co. in automobile paint. Resyn made Mobil 1 for the Mobil
Oil Co. Resyn was the fourth company in the United States to
manufacture epoxy.
Atlas Paint and Varnish Co. (Atlas) was one of Resyn's
larger customers from 1963 to 1970. Meyer and Harry Tepperman
(the Tepperman brothers) owned Atlas. Atlas manufactured paint.
Atlas bought large amounts of alkyds from Resyn to make paint.
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