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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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