Charles L. Fields and Barbara S. Fields - Page 10

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          contracted to sell that same oil to ABL for the same price plus a           
          commission of 25 to 30 cents per barrel.9  ABL received 404,968             
          barrels of oil shipped from Cameroon on March 30, 1980, and ABL             
          paid CAI a 30-cent-per-barrel commission (totaling $121,490) for            
          this shipment.  The oil was purchased on the spot market, and               
          local custom did not allow for a written contract on the                    
          delivery.                                                                   
               On April 10, 1980, CAI agreed to buy 190,000 metric tons of            
          oil from SNH at a set price, with 120,000 of these metric tons to           
          be delivered in April 1980 and the balance to be delivered in               
          May 1980.  On April 21, 1980, ABL agreed with CAI to purchase the           
          same oil at the same price plus a commission of 30 cents per                
          barrel.10  Ashland arranged the terms for shipping the oil, it              
          nominated the vessels used for lifting the oil, and it set the              
          mode of payment for the oil.  Petitioner and Dr. Young arranged             
          for ABL's purchase of the oil, and ABL paid them for their                  
          services by paying CAI the spread between the back-to-back                  
          contracts.  Commissions for the shipments under the April                   
          contract totaled $424,157.                                                  
               On August 8, 1980, CAI agreed to buy 840,000 metric tons of            
          oil from SNH at a set price, with equal monthly deliveries from             

               9 CAI did not have the financial capacity to purchase the              
          oil from SNH, and CAI had not entered into a consulting or agency           
          agreement with ABL or Ashland.                                              
               10 ABL received 457,680 barrels of the oil referred to in              
          this contract on Apr. 15, 1980.                                             




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