AJF Transportation Consultants, Inc. - Page 7




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          for fuel reimbursement and delivery services were not deposited             
          into AJF's bank account, then corporate income tax returns would            
          not reflect these amounts.                                                  
               J.C. Penney Custom Decorating Divisions (Custom Decorating)            
          issued checks to "AJF and/or A.J. Ferrentino" for services                  
          performed.  Ferrentino cashed checks issued by Custom Decorating            
          in the following amounts:                                                   
               Year                Amount Cashed by Ferrentino                        
               1988                     $70,721.02                                    
               1989                     57,680.35                                     
               1990                     53,030.51                                     
          AJF did not include these amounts in gross income on its Federal            
          income tax returns.                                                         
               The J.C. Penney Buffalo distribution center issued checks              
          for fuel reimbursement solely to Ferrentino.  During the years at           
          issue, Ferrentino cashed all but two fuel reimbursement checks              
          from the Buffalo distribution center.  The cashed check proceeds            
          totaled:                                                                    
               Year                Amount Cashed by Ferrentino                        
               1988                $66,194.16                                         
               1989                65,725.26                                          
               1990                109,684.97                                         
               The J.C. Penney Toledo distribution center issued checks for           
          fuel reimbursement to "Anthony J. Ferrentino/AJF Trans. Inc."               
          Ferrentino cashed these checks in the following amounts:                    







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Last modified: May 25, 2011