- 7 -
provided was 494-28-3540.4 J. Smythe was stated as the sole
proprietor of King-Air. The driver's license number on the
account card includes the name Miravalle in parentheses.
Petitioners deposited business receipts into account 104-105-300
(the Indian Rocks account). During 1983, they also deposited at
least $25,500 transferred from the Fortune Federal account.
Activity in the Park Bank account declined significantly after
petitioners opened the Indian Rocks account.
During the years at issue, petitioners made deposits into
their bank accounts totaling the following amounts:
Bank Name of Account 1982 1983
Park Bank King Air Conditioning$74,386.60 $127,629.88
Fortune Federal Joy Smythe 28,641.60 18,417.98
Atlantic Natl. Lillian Joy Miravalle--- 35,000.00
(#54800011355)
Indian Rocks King-Air --- 115,224.57
Atlantic Natl. Lillian Joy Miravalle--- 28,461.41
(#14806653249)
TOTALS $103,028.20$324,733.84
Respondent has allowed petitioners deductions for business
expenses paid from the Park Bank account during the years 1982
and 1983, totaling $50,783.10 and $62,708.23, respectively.
During 1983, petitioners wrote checks totaling $106,659.95 on the
Indian Rocks account. Included in these checks were payments to
Ranco of $9,548.61 and to Tecumseh Products of $17,164.52.
4 See supra note 3.
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