Derwyn J. Booker - Page 7

          actual value of the subject master equaled between $3,000 and               
          $5,000.                                                                     
               Included in Encore’s prospectus package is a list of                   
          distributors with respect to the distribution of sound recordings           
          made from the subject master recording.  Petitioner entered into            
          a standard distribution-employment agreement with Arrival Records           
          and did not modify any of the terms of the agreement before                 
          signing.  Petitioner’s distribution agreement with Arrival was              
          subsequently assigned to Marock Records.                                    
               During the term of the lease between petitioner and Encore,            
          total income derived from sales of albums and cassettes made from           
          the Kingcannon master totaled $570.85.  Petitioner’s share of the           
          income from sales of albums and cassettes made from the subject             
          master totaled $18.57.  The primary purchaser of the sound                  
          recordings made from the master was the artists, the Kingcannon             
          family.  During the term of the lease, petitioner did not                   
          personally distribute sound recordings made from the subject                
          master.                                                                     
               During 1984, petitioner worked as an agent for Encore                  
          selling its tax shelters at a commission rate of 20 percent of              
          receipts from the sales of leases.  During the latter part of               
          1984, petitioner issued three newsletters directed to his master            
          recording lease clients.  Each newsletter was entitled DERWYN J.            
          BOOKER, TAX ADVANTAGED INVESTMENT COUNSELING.                               







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