-13-
As discussed in par. B-3-e of the opinion, we find that
petitioners had $279,000 in cash on hand and a net worth of
$622,478 on December 31, 1982.
4. The Glenstone and Valley Road Properties
Petitioner-husband obtained powers of attorney from Kiye
Oglesby and Ki Chong Kim dated October 11, 1982, to deal with the
property at 3600 Glenstone Avenue, Springfield, Missouri (the
Glenstone property) on their behalf. On April 1, 1983,
petitioner-husband contracted with Ed O. Day to buy the Glenstone
property for $325,000. Petitioner-husband paid Ed O. Day
$100,000 in cash as a downpayment on the property.
On May 25, 1983, petitioners agreed to buy property at 1541
Valley Water Mill Road (the Valley Road property), adjacent to
the Glenstone property, for $80,000. Of that amount, $70,000 was
due on August 1, 1983.
On May 26, 1983, the Glenstone property transaction closed
and petitioner-husband gave Ed O. Day $134,000 in cashier's
checks and a $90,000 note. Twelve of the 13 cashier's checks he
gave Ed O. Day were in amounts less than $10,000. Ki Chong Kim
was listed as the buyer of two of the cashier's checks that
petitioner-husband bought.
The record owners of the Glenstone property were
petitioners, Kiye Oglesby, and Ki Chong Kim. Neither Kiye
Oglesby nor Ki Chong Kim knew that title to the Glenstone
property was in their name. On September 12, 1983, petitioner-
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