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Year Checks Deposited
1963 $108,404.48
1964 238,555.24
1966 87,750.12
1968 40,818.47
1969 122,559.81
1970 5,370.72
Total $603,458.84
Between 1963 through 1970 Resyn paid various
Polymer Chemicals' invoices for fictitious purchases
of chemicals and listed said payments on the books of
Resyn as costs of goods sold. As a result, Resyn's
cost of goods sold was overstated in the following
manner:
Year Amount of Overstatement
1963 196,154.00
1964 238,555.00
1967 10,517.83
1968 87,082.23
1969 69,518.99
1970 3,420.51
Total $605,248.56
Many of the Resyn checks made payable to Polymer
Chemicals were not deposited but were withheld for
deposit for a year other than the one in which they
were written. However, the adjustment to the cost of
goods sold is effective for the tax year in which the
checks to Polymer Chemicals were written and not the
tax year in which they were negotiated.
During the same time period, 1963 through 1970,
Leo Levitt withdrew a total of $1,006,019.91 from the
Polymer Chemicals' bank account at the Hillside office
of the National State Bank. He was able to accomplish
this by having Harry Levinson sign the checks in blank.
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