- 31 -
Bank account. However, this document does not appear to
have been filed with, or in any way accepted by, Community
Bank. Petitioner himself was unable to recall how he
obtained the document. Moreover, Mr. Petty testified that
he "never signed anything at Community Bank". Petitioners
have offered no evidence that Mr. Petty was ever authorized
to withdraw funds from the account. Accordingly, we find
that petitioner had exclusive dominion and control over
the funds in the Community Bank account, and we sustain
respondent's determination that all H&B funds deposited
into the account constitute income to petitioners.
Miscellaneous Transactions
On December 22, 1988, petitioner signed check No. 1477
drawn on H&B's First Interstate account and made payable to
First Interstate in the amount of $5,900.40. In return,
First Interstate issued a cashier's check payable to the
Oklahoma Automobile Insurance Plan in the amount of
$5,100.40. An entry in the space corresponding to check
No. 1477 on H&B's pegboard ledger states "Rockport Oil
Insurance". Respondent determined that the entire amount
of the H&B check constitutes income to petitioners.
We find that $5,100.40 of the amount of check No. 1477
was used to purchase insurance for H&B and, thus, was used
for H&B's benefit. In this regard, we note that H&B issued
Page: Previous 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 NextLast modified: May 25, 2011