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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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