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1984, Mr. Grillo drew another check on Walter Capital's checking
account to Joe Bass, also at petitioner's request. This check,
for $30,000, was deposited in the Joe Bass account at the Trust
Co. Mr. Grillo never met anyone named Joe Bass, and no one named
Joe Bass ever worked for Walter Capital. The Walter Capital
checks to Joe Bass were not for services rendered directly by
anyone named Joe Bass.
OPINION
Respondent alleges that petitioner embezzled funds from
Renaissance by drawing Renaissance checks (and causing F&M to
issue a check) to a bank account in the name of Ron Gelfman and
failed to report these funds as income on his 1983 Federal income
tax returns. Respondent also alleges that petitioner embezzled
Renaissance funds by drawing Renaissance checks to W&Y and to F&M
in payment for personal jewelry. Finally, respondent claims that
petitioner failed to include fee income that Walter Capital paid
to Joe Bass. The following schedule lists the amounts still in
issue:
1983 1984
Renaissance to Ron Gelfman $68,200 ---
" " " " 45,000 ---
F&M to Ron Gelfman 10,755 ---
Renaissance to F&M 18,077 $6,750
Renaissance to W&Y 1,650 7,050
Walter Capital payments to Joe Bass --- 30,000
" " " " " " --- 25,000
Total: 143,682 68,800
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Last modified: May 25, 2011