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On June 18, 1987, Ms. Olbres withdrew $157,500 in cash from
the Indian Head business savings account in order to purchase a
treasurer's check in the amount of $157,500 for the purchase of a
1987 Rolls Royce Corniche (Rolls Royce).
On August 3, 1987, Ms. Olbres withdrew $24,750 in cash from
the Indian Head business savings account in order to purchase a
treasurer's check for $24,750 for the purchase of a 1987 Range
Rover.
Certain Payments With Respect to Brokerage
Accounts Maintained by Petitioners
On or about June 4, 1987, Mr. Olbres, as custodian for each
of petitioners' sons under the Uniform Gifts to Minors Act of New
Hampshire (custodian), purchased shares in the Advantage Growth
Fund for $10,006 for each of two brokerage accounts at Advest,
Inc. (Advest), that he maintained as their custodian. He paid
for those shares by using a treasurer's check that Ms. Olbres had
purchased on June 10, 1987, with $20,012 in cash that she had
withdrawn from the Indian Head business savings account.
On September 8, 1987, petitioners purchased shares in the
Advantage Growth Fund for $50,004 and shares in the Templeton
Global Fund, Inc., for $50,008 for their brokerage account at
Advest. They paid for those shares by using two treasurer's
checks that Ms. Olbres had purchased on September 4, 1987, with
$100,012 that she had withdrawn from the Indian Head business
savings account.
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