Donald L. Chiappetti and Mary K. Chiappetti - Page 5

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          tached to the purchase contract allocated the $125,000 purchase             
          price that Donald C. Chiappetti was to pay for the items that he            
          was acquiring thereunder, as follows:                                       
               Goodwill                                         $5,000                
               Supplies                                          5,000                
               Group assets                                      4,000                
               Office furnishings and equipment                  6,000                
               Dental equipment                                 24,000                
               All patient and office records belonging                               
                    to CPC                                       5,000                
               Covenant Not to Compete executed by Dr.                                
                    Donald L. Chiappetti                        76,000                
                    Total                                      125,000                
          Section 4 of the purchase contract made an identical allocation             
          of the $125,000 purchase price, except that it allocated                    
          (1) $5,000 to an item referred to as "Patient Records", instead             
          of "All patient and office records belonging to CPC" and (2)                
          $76,000 to an item referred to as a "Covenant Not to Compete",              
          instead of a "Covenant Not to Compete executed by Dr. Donald L.             
          Chiappetti".                                                                
               The covenant not to compete contained in section 7 of the              
          purchase contract was accurately valued in the purchase contract            
          at $76,000.                                                                 
               The purchase contract provided that the $125,000 purchase              
          price was payable as follows:  (1) $1,000 payable at closing and            
          (2) $124,000 payable in 60 equal monthly installments to be                 
          evidenced by a promissory note for that amount.  Contemporaneous            
          with the execution by petitioner of the purchase contract in his            
          capacity as president of CPC and of the covenant not to compete             




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Last modified: May 25, 2011