Estate of Willie C. Lloyd, Deceased, Iva Nell Holman, Executrix - Page 4

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          reports prepared by Young and Dilmore, the original return                  
          reflects the date-of-death values of decedent's interests in                
          parcels A and B as $3,400,000 and $897,500, respectively.                   
               On July 28, 1988, the Circuit Court of Calhoun County                  
          entered a Judgment of Final Settlement in the special                       
          administration in which the court approved a final accounting of            
          the special administration, awarded fees to Rivers and her                  
          attorneys for the special administration, and directed that fees            
          be paid to Holman and Spraggins as coexecutrices of decedent's              
          estate.  The parties to the will contest resolved their dispute             
          shortly thereafter.                                                         
               After the settlement of the will contest, Holman and                   
          Spraggins hired an accounting firm to facilitate their                      
          responsibilities as executrices of decedent's estate.  In                   
          preparing an amended estate tax return (amended return), the                
          accounting firm hired the Hearn Co. (Hearn) for the purpose of              
          conducting another appraisal of the trust property.  Relying on             
          the Hearn appraisal, the amended return reflects the date-of-               
          death values of decedent's interests in parcels A and B as                  
          $650,000 and $375,000, respectively.  Holman and Spraggins filed            
          the amended return on October 6, 1988.  Unlike the original                 
          return, the amended return included specific amounts for each               
          applicable line thereon and was capable of being processed by the           
          IRS.                                                                        






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