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the money he received from Trans State into H&B's account
at First Interstate.
Wholesale Fuels, Inc.
In 1988, petitioner and several other individuals
formed a corporation called Wholesale Fuels, Inc.
(Wholesale Fuels). Petitioner intended Wholesale Fuels
to operate as a "jobber" for Pet-Don. Mr. Petty and
Mr. James Jordan each contributed $50,000 as capital to the
corporation. The original shareholders were petitioner,
Mr. Jordan, H.T. Jordan, and Mr. Frank G. McGuire. There
is no evidence in the record that Mr. Petty held any stock
in Wholesale Fuels at any time during the years in issue.
On May 27, 1988, a bank account was opened in the name of
Wholesale Fuels at Founders Bank in Oklahoma City,
Oklahoma. Both petitioner and Mr. Petty were authorized
to sign checks drawn on this account.
On August 4, 1988, petitioner filed with respondent,
on behalf of Wholesale Fuels, Form 637, Registration for
Tax-Free Transactions Under Chapters 31, 32, and 38 of the
Internal Revenue Code. Petitioner signed the form as
president of Wholesale Fuels, stating that the company was
a wholesale distributor in the business of purchasing and
selling heating oil. The form bears a handwritten notation
stating that it was revoked on February 12, 1990.
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