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checking account made payable to Joe Bass in the amount of
$31,115. Neither of those adjustments is at issue in this case.
Four sets of transactions remain in issue: (A) Funds paid
into a bank account in the name of "Ron Gelfman" in 1983; (B)
Renaissance's purchase of jewelry items from Faleck & Margolies,
Inc., in 1983 and 1984; (C) Renaissance checks made payable to
Weinstock & Yeager in 1983 and 1984; and (D) payments by a
brokerage house, at petitioner's request, into a bank account in
the name of "Joe Bass" in 1984.
A. Ron Gelfman
On September 29, 1983, a person not identified in the record
opened a checking account at the Union City branch of the Trust
Company of New Jersey (the Trust Co.), in the name of Ron Gelfman
(Gelfman account).1 On October 31, 1983, a Renaissance check in
the amount of $68,200 was deposited in the Gelfman account. The
parties have stipulated that Renaissance's corporate records
contain what purports to be a receipt from Ron Gelfman
Associates, dated October 28, 1985,2 reflecting the sale of 14K
"gold findings" to Renaissance in the amount of $68,200.
1 The record is replete with references to the names Ron or
Ronnie Gelfman, Gelman, and Geleman. These are all different
spellings of the same name, and for simplicity we will use
Gelfman to represent all three spellings.
2 Neither party addressed the fact that the receipt was
dated 2 years after the check. This apparent discrepancy does
not affect our decision.
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