Robert G. Leslie and Marilyn B. Leslie - Page 17

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               Petitioner, as a participant in the Hunter gold futures                
          spread program, would have been required to sign the following              
          Hunter forms:  (a) New Account Application; (b) Account Agreement           
          and Risk Disclosure; (c) Risk Disclosure Statement; and                     
          (d) Current Policies and Fees, setting forth the commissions and            
          fees payable by petitioner to Hunter.  Petitioner testified that            
          it was normal practice in his business to keep copies of signed             
          documents.  However, at trial, petitioner could not provide                 
          signed copies of any of the Hunter documents listed above.                  
               Petitioner's initial commodity positions were created on               
          December 1, 1980, when he made the investment.  Petitioner paid             
          an initial deposit of $178,500.  Out of his initial deposit,                
          petitioner incurred the following costs:                                    
                    Legal fee                          $3,500                         
                    Management fee                     35,000                         
                    Commission to establish                                           
                         initial spread positions      17,500                         

                    Total costs                        56,000                         
          Thus, petitioner's initial margin was $122,500 ($178,500 -                  
               Petitioner's trades with Hunter were initiated by FAX, Inc.            
          (FAX), a registered trading adviser.  In order for FAX to                   
          initiate trades between petitioner and Hunter, petitioner would             
          have been required to sign both an "Investment Advisory Agree-              
          ment" and a "Special Power of Attorney" authorizing FAX to trade            

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