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Withdrawals of Cash From Cash Registers of 2618 Inc
During 1987 and 1988, respectively, petitioner withdrew a total
of $6,721 and $4,699 in cash from the cash registers at the Club and
used this cash for personal purposes.
Payne & Potter
In 1987, petitioner received $12,826 relating to his ownership
of 50 percent of the stock of a real estate development corporation
doing business under the name of Payne & Potter. This $12,826
relates to the disposition of certain real estate held by Payne &
Potter.
During the years in issue, Payne & Potter did not maintain
adequate books and records. By the end of 1987, Payne & Potter was
insolvent.
Legal Fees From Miscellaneous Clients
In 1987 and 1988, petitioner received $65,498 and $33,376,
respectively, for legal services he provided to clients other than
2618 Inc and the Club.
Miscellaneous Bank Deposits and Checks Not Deposited
For 1987 and 1988, petitioner received $205,262 and $198,522,
respectively, in miscellaneous additional funds that were deposited
into his bank accounts. For 1987, petitioner also received an
additional $5,426 in checks that were not deposited into his bank
accounts.
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Last modified: May 25, 2011