Derril O. Lamb, Jr. and Joyce Lamb - Page 3

            thereafter, Mr. Lamb harpooned approximately 50 tuna per year.                                
            From 1958 through 1982, Mr. Lamb also built and sold one or two                               
            fishing boats per year.                                                                       
                  In 1982, Mr. Lamb was diagnosed with diabetes.  Due to a                                
            decline in his health, Mr. Lamb sold his fishing boat and also                                
            stopped building fishing boats.  In 1986, Mr. Lamb suffered a                                 
            major heart attack, which left him hospitalized for 2 weeks.                                  
                  From 1983 through 1987, Mr. Lamb would go out on boats owned                            
            by young fishermen, who sought to learn from Mr. Lamb the skill                               
            of harpooning tuna.  Mr. Lamb did not receive any compensation                                
            for his services, nor did he claim any deductions for expenses                                
            from these activities on his Federal income tax returns for these                             
                  During this same time, the price of Atlantic bluefin tuna                               
            was rising significantly.  The increase was largely attributable                              
            to the increased demand for fresh bluefin tuna from Japan, a                                  
            principal consumer of U.S. Atlantic bluefin tuna.2                                            
                  Due to this significant increase in tuna prices, on January                             
            6, 1988, Mr. Lamb purchased the Lu-Joy, a 35-foot, 300-horsepower                             
            diesel fiberglass vessel, which was originally built in 1986 as a                             
            lobster boat.  After purchasing the Lu-Joy, Mr. Lamb had it                                   

                  2To illustrate, the price of Atlantic bluefin tuna was                                  
            approximately 20 cents per pound during the early 1970's.  By                                 
            1993, the average price for Atlantic bluefin tuna in the United                               
            States was $10.10 per pound, and, in 1994, the price rose to                                  
            nearly $11 per pound.                                                                         

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