Anthony G. and Shirley A. Olbres - Page 12

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          Olbres recorded in the cash receipts journals only those Design             
          Consultants' and/or White Star's receipts that petitioners                  
          deposited into the Indian Head business checking account, and she           
          did not record in the cash receipts journals their respective               
          receipts that petitioners deposited into the Indian Head business           
          savings account or any other account.  She recorded in the                  
          invoice logs only those Design Consultants' and/or White Star's             
          receipts for which clients were sent invoices.                              
               Petitioners deposited only two checks from Mayflower, one              
          received in 1986 and one received in 1988, into the Indian Head             
          business checking account.  They deposited all of the other                 
          checks received from Mayflower during the years at issue, as well           
          as all of the checks received from Greyhound during 1986, into              
          other bank accounts that they maintained, including the Indian              
          Head business savings account.  Consequently, the cash receipts             
          journals omitted all of the amounts received by Design Consul-              
          tants and/or White Star from Greyhound during 1986 and most of              
          the amounts that Design Consultants and/or White Star received              
          from Mayflower during the years at issue.                                   
               As a result of Ms. Olbres' bookkeeping practices, a person             
          examining the cash receipts journals and no other written records           
          of Design Consultants and/or White Star would have no idea that             
          Design Consultants and/or White Star received income in addition            
          to their respective receipts that petitioners deposited into the            
          Indian Head business checking account.  Moreover, a person                  




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