J.J. Zand - Page 2

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                                  TABLE OF CONTENTS              Page                 
               Determinations of Deficiencies and Additions to Tax  . .   7           
               Issues . . . . . . . . . . . . . . . . . . . . . . . . .   8           
               Findings of Fact . . . . . . . . . . . . . . . . . . . .  10           

          I.   Preliminary Facts  . . . . . . . . . . . . . . . . . . .  10           
               A.  Background . . . . . . . . . . . . . . . . . . . . .  10           
               B.  Ownership of Diesel Power  . . . . . . . . . . . . .  12           
               C.  Audits for Prior Years . . . . . . . . . . . . . . .  13           
          D.  Preparation of Tax Returns . . . . . . . . . . . . .  14                
               E.  Bank Accounts  . . . . . . . . . . . . . . . . . . .  15           
               F.  Sale of Diesel Power Stock . . . . . . . . . . . . .  19           

          II.  Transactions With Manufacturers--Commission Income . . .  22           
               A.  Lockheed . . . . . . . . . . . . . . . . . . . . . .  23           
               B.  Payments by Lockheed . . . . . . . . . . . . . . . .  29           
               C.  Ashland  . . . . . . . . . . . . . . . . . . . . . .  34           
               D.  Payments by Ashland  . . . . . . . . . . . . . . . .  39           
               E.  General Motors . . . . . . . . . . . . . . . . . . .  43           
               F.  Payments Made by General Motors. . . . . . . . . . .  49           
               G.  SEDCO/IMICO  . . . . . . . . . . . . . . . . . . . .  54           
               H.  Payments by SEDCO, IMICO, Stewart & Stevenson  . . .  56           
               I.  Ingersoll-Rand . . . . . . . . . . . . . . . . . . .  60           
               J.  Payments by Ingersoll-Rand . . . . . . . . . . . . .  62           
               K.  Morgan . . . . . . . . . . . . . . . . . . . . . . .  64           
               L.  Payments by Morgan . . . . . . . . . . . . . . . . .  65           
               M.  Harnischfeger  . . . . . . . . . . . . . . . . . . .  66           
               N.  Payments by Harnischfeger  . . . . . . . . . . . . .  68           
               O.  Pioneer  . . . . . . . . . . . . . . . . . . . . . .  70           
               P.  Payments by Pioneer  . . . . . . . . . . . . . . . .  74           
               Q.  Galion . . . . . . . . . . . . . . . . . . . . . . .  77           
               R.  Payments by Galion . . . . . . . . . . . . . . . . .  81           
               S.  Clark  . . . . . . . . . . . . . . . . . . . . . . .  85           
               T.  Payments by Clark  . . . . . . . . . . . . . . . . .  90           
               U.  Miscellaneous Commissions/Goodyear . . . . . . . . .  94           
               V.  Payments by Miscellaneous Companies/Goodyear . . . .  95           

          III. Interest and Dividend Income--First National City Bank,                
               London, England, and Crown Life Insurance Company. . . . 100           

          IV.  Interest Income--WHIP Account at Barclays Bank Bahamas . 102           




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