Oreland A. and Lucille S. Thornsjo - Page 18




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          The balance of the credits, $20,234, was carried back to 1979 to            
          generate a tax refund claim of $20,234.  On his 1983 Federal                
          income tax return, Woolf claimed a net operating loss deduction             
          of $962 from his investment in Hamilton.                                    
          G.  Furlong                                                                 
               After graduating from high school, Furlong went to work for            
          his family’s gasoline and fuel business, Furlong Oil, Inc.                  
          Furlong Oil was a distributor for Phillips Petroleum Co. and                
          delivered fuel oil to homes and gasoline at wholesale to service            
          stations.  Upon his father’s death in 1964, Furlong took over               
          Furlong Oil.  Furlong sold the business in 1992 and retired in              
          1996.  During 1979 and other years, Furlong was a member of a               
          partnership that leased 12 over-the-road trucks to one company,             
          United Petroleum.  The partnership was paid per mile, both ways,            
          loaded and empty, and hauled freight out of Chicago.  On his 1979           
          Federal income tax return, Furlong reported that he received from           
          United Petroleum rental income of $117,714, in addition to his              
          salary of $27,657 from Furlong Oil.                                         
               Furlong met Schluter sometime during 1975 or 1976.                     
          Thereafter, Schluter did all of the record keeping and accounting           
          work for Furlong Oil.  He prepared all of Furlong Oil’s tax                 
          returns, as well as Furlong’s personal tax returns.  Furlong also           
          developed a social relationship with Schluter, and they regularly           
          had lunch and played golf together.                                         






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