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receipts journal for 1987 sometime during that intervening one-
week period.
During 1987, petitioners and their family traveled to
Disneyland and Las Vegas. During 1988, petitioners purchased
airplane tickets for over $4,900 for Ms. Katerelos and other
family members to fly to Greece.
During August 1988, Mr. Katerelos purchased a 1987 Cadillac.
Under the terms of a loan from Valley National Bank to finance
that purchase, he made a downpayment of $4,500 and monthly
payments of $330. All the payments for the purchase of that car,
including the downpayment, were made from NDV's checking account
at Valley National Bank.
Prior to purchasing the Cadillac, Mr. Katerelos owned a 1974
Lincoln. In the application for insurance that Mr. Katerelos
signed in May 1988 for the Lincoln, the box marked "no" was
checked in response to the question in that application as to
whether that vehicle was used for business purposes.
During the years 1988 through 1990, in addition to petition-
ers, NDV had one full-time employee. During 1988, Mr. Katerelos
submitted an application for group health insurance for employees
of NDV through Central Reserve Life of North America. The policy
issued covered petitioners and their children, and not NDV's only
other full-time employee.
During 1989, Mr. Katerelos purchased a 14-carat gold ring
for $1,467, and petitioners installed a swimming pool for which
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