Derril O. Lamb, Jr. and Joyce Lamb - Page 7

            business activity includes the manufacture and retail sale of                                 
            lumber and building products.  On December 31, 1986, Marriner                                 
            Lumber made an election to be taxed as a “small business                                      
            corporation” (S corporation) under section 1366.  In 1990 and                                 
            1991, Marriner Lumber had approximately 50 employees and gross                                
            receipts of $5,244,932 and $4,491,418, respectively.  During this                             
            same time, Mr. Lamb was president of Marriner Lumber and owned                                
            50.6670 percent of its outstanding stock.  Neil Lamb, Mr. Lamb’s                              
            son, owned the remaining stock outstanding.  Mr. Lamb worked at                               
            Marriner Lumber approximately 15 to 20 hours per week during 1990                             
            and 1991 and received an annual salary of $31,772.  For the                                   
            taxable years 1990 and 1991, Mr. Lamb’s shares of the subchapter                              
            S profits from Marriner Lumber were $23,831 and $25,610,                                      
                  In 1989, Mr. Lamb acquired the Oregon Bow Co. (Oregon Bow)                              
            in Junction City, Oregon.  During 1990, Mr. Lamb spent 4 weeks                                
            actually working in Oregon.  The remainder of his work for Oregon                             
            Bow was conducted by telephone from Maine.  Mr. Lamb received a                               
            salary from Oregon Bow of $21,302.16 for 1990.                                                
                  On March 26, 1990, Mr. Lamb incorporated Marriner Lumber                                
            Home Centers, Inc. (MLHC), in Brunswick, Maine.  On the same                                  
            date, MLHC elected to be taxed as an S corporation.  MLHC’s                                   
            business activity involves the retail sale of lumber and other                                
            building products.  During 1990 and 1991, Mr. Lamb was president                              
            of MLHC, owned 75 percent of its stock outstanding, and devoted                               

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