Steven K. Han - Page 43





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          Account         Amount                  Source                              
          ANB No. 2       $271,836     “Gerber account” proceeds from P-B             
          No. 2                                                                       
          ANB No. 1        445,596     Kodak stock proceeds from P-B No. 1            
          ANB No. 3         80,000     Sam Han account                                
          Sam Han acct.    137,128     TRO amended to cover 10/14/88                  
          Total         1934,560                                                      
               1 An additional client trust account established by Belofsky           
          at American National, account No. 14199939 (ANB No. 4), contained           
          $35,852 transferred thereto on Aug. 15, 1988, from petitioner’s             
          Allied account pursuant to Hasman’s Aug. 2 authorization.                   
          Although the Allied account contained amounts transferred from              
          corporate accounts in 1987 and 1988, these transfers are not                
          included in the amounts that respondent alleges are includible in           
          petitioner’s income in 1988.                                                
          Northwest’s Exercise of Letters of Credit From Petitioner’s                 
          Corporations                                                                
               On July 26, 1988, Northwest exercised a letter of credit in            
          the amount of $54,000 from petitioner’s corporations.  Northwest            
          exercised a second letter of credit in the amount of $50,000 from           
          petitioner’s corporations on August 22, 1988.  It exercised a               
          third letter of credit in the amount of $146,000 from                       
          petitioner’s corporations on August 24, 1988.                               
               The foregoing letters of credit were secured by various                
          assets of petitioner’s corporations held by Albank as well as               
          real property owned by petitioner personally.                               











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