Haralampos Katerelos and Irene Katerelos - Page 29

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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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