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In 1988, petitioner signed two additional checks
drawn on H&B's First Interstate account and made payable
to himself in the total amount of $400, and one made
payable to First Interstate in the amount of $200. During
respondent's examination, petitioner told the revenue agent
that the proceeds of these checks were used to pay expenses
relating to the Lincoln Mark VII.
On January 17, 1989, petitioner signed a check drawn
on H&B's First Interstate account and made payable to
Alexander & Strunk in the amount of $716.14. The proceeds
of this check were used to purchase insurance for the
Lincoln Mark VII. Sometime in March 1989, petitioner
signed a check drawn on H&B's First Interstate account and
made payable to First Interstate in the amount of $850.
The proceeds of this check were also used to pay expenses
relating to the Lincoln Mark VII.
On or about May 1, 1989, the U.S. Government issued
a check payable to H&B in the amount of $19,694.92 as
compensation for work H&B performed under a contract to
haul fuel for the Department of Defense. Petitioner
endorsed this check and deposited the proceeds into H&B's
account at Community Bank. The proceeds of this check were
then used to satisfy the outstanding balance of the loan
used to purchase the Lincoln.
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