Leo N. Levitt and Ruth G. Levitt - Page 17

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          petitioners' children in 1965 endorsed the 1965 check.  A close             
          friend of petitioner endorsed the 1967 check.                               
               Petitioner used the Chemical Traders checking account to buy           
          the following cashier's checks that he used to buy stock:                   
                              Amount of                                               
          Year                Checks            Payee                                 
               1963           $30,000        Leo N. Levitt                            
               1963           28,000         Heller & Meyer                           
               1964           22,500         Leo N. Levitt                            
               1964           61,000         Heller & Meyer                           
               1965           20,625         Heller & Meyer                           
               1966           23,300         Carl M. Loeb Rhodes & Co.                
               1966           26,690         Bache & Co.                              
               1966           15,000         Edwards & Hanley                         
               1966           88,445         Heller & Meyer                           
               1967           30,000         Leo N. Levitt                            
               1967           16,000         Eastman Dillon                           
               1967           2,000          Edwards & Hanley                         
               1967           78,500         Bache & Co.                              
               1968           2,007          Eastman Dillon                           
               1969           3,950          Pressman, Frohlich & Frost               
               1969           4,400          Heller & Meyer                           
                    Total    $452,417                                                 
          E.   Resyn's Bankruptcy                                                     
               On September 3, 1970, Resyn filed a petition for chapter 11            
          reorganization with the U.S. bankruptcy court for the District of           
          New Jersey.                                                                 
               The bankruptcy court appointed a receiver to operate Resyn             
          during the bankruptcy proceedings.  The receiver unsuccessfully             
          tried to obtain Resyn's books and records for the years in issue.           






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