Jerome J. and Beatrice A. Mack - Page 10

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          Street property to secure a note in the principal amount of                 
          $24,855.83.  The note was satisfied on January 24, 1986.                    
               On March 29, 1985, petitioner and Mr. Moosbrugger executed a           
          mortgage on the Third Street property in favor of First National            
          Bank to secure a promissory note in the amount of $24,007.47. The           
          mortgagor was listed as the Mack & Moosbrugger partnership.  This           
          mortgage was satisfied on December 31, 1987.                                
               On December 28, 1987, the Mack & Moosbrugger partnership               
          executed a quitclaim deed of the Third Street property to Mr.               
          Moosbrugger, Mr. Ohlsen, Ms. Dvorak, and Mr. Carter as joint                
          tenants.  The deed was recorded on January 6, 1988.                         
               On December 31, 1987, a promissory note was executed by Mr.            
          Moosbrugger, Mr. Ohlsen, Ms. Dvorak, and Mr. Carter in favor of             
          Community National Bank in the amount of $150,000.  The stated              
          purpose of the note was to purchase real estate, and the note was           
          secured by a mortgage on the Third Street property.  On December            
          31, 1987, Mr. Moosbrugger, Mr. Ohlsen, Ms. Dvorak, and Mr. Carter           
          executed a mortgage on the Third Street property as joint tenants           
          in favor of Community National Bank to secure the December 31,              
          1987, promissory note.  The December 31, 1987, note paid off                
          prior notes and satisfied the mortgages on the Third Street                 
          property executed by the Mack & Moosbrugger partnership on August           
          29, 1978, and March 29, 1985, and the note executed and                     
          guaranteed by Mr. Moosbrugger and petitioner dated March 29,                
          1985.  A real estate settlement dated December 31, 1987, reflects           




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