Freres Lumber Co., Inc. - Page 3

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                                           FINDINGS OF FACT                                                
                  Some of the facts have been stipulated and are so found.                                 
            A.    Petitioner                                                                               
                  Petitioner is an Oregon corporation, the principal place of                              
            business of which is in Lyons, Oregon.  Petitioner operated                                    
            sawmills and wood veneer mills in North Santiam Canyon in western                              
            Oregon.  The Freres family owned a controlling interest in                                     
            petitioner.  The common stock of petitioner was owned as follows:                              
            40.90 percent by Robert T. Freres, 29.69 percent by Theodore F.                                
            Freres, and 29.41 percent by Doris Wipper (not otherwise                                       
            identified).  Robert T. Freres, Jr., son of Robert T. Freres,                                  
            began to manage petitioner in 1979.  He and petitioner's owners                                
            were officers of petitioner.  Robert T. Freres, Jr., was the vice                              
            president of petitioner in 1988.                                                               
                  Robert T. Freres, Jr.'s grandfather established petitioner                               
            in 1922 to operate a sawmill.  In the late 1950's, the Freres                                  
            family dismantled the sawmill and began to manufacture veneer.                                 
            They added a second veneer mill in 1963 and a stud mill in 1970.                               
            In 1985, they leased a plywood mill and a veneer plant.  Before                                
            March 1, 1988, they operated a large log veneer mill, a small log                              
            veneer mill, and a stud mill.  These mills were in Lyons, Oregon,                              
            about 5 miles from the Walker mills (see par. B-2, below).  They                               
            own a trucking company to haul their products.                                                 

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