Pulsar Components International, Inc. - Page 5

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          card tables and folding chairs as furniture, and they rented                
          telephones.                                                                 
               With the Officers at the helm, Components prospered and                
          became a successful entity.  Although its gross receipts varied             
          greatly from year to year, based on the volatility of the                   
          industry, Components reported the following results for the                 
          taxable years ended November 30, 1979, through November 30, 1982:           
          Nov. 30, 1979   Nov. 30, 1980    Nov. 30, 1981   Nov. 30, 1982              
          Sales             $251,588       $5,061,159       $1,876,555      $2,061,989
          Gross profit                                                                
          on sales           $5,349       $1,499,411         $779,655        $832,036 
          Gross profit                                                                
          on sales as                                                                 
          a percentage                                                                
          of sales       2.1%            29.6%            41.5%           40.4%       
          Taxable income                                                              
          (loss)              ($110)          ($4,592)         $4,136          $32,967
          Retained earnings                                                           
          (deficit)            ($110)        ($14,691)       ($11,562)         $23,806

               In the fall of 1982, the Officers agreed to transfer                   
          Components to petitioner so that Mr. Woll could increase his                
          ownership percentage and John Laviano, Mr. Laviano's younger                
          brother, could become a shareholder.  Petitioner was organized on           
          August 3, 1982.  From petitioner's organization through July 31,            
          1985, Mr. Laviano owned 55 percent of its stock, Mr. Woll owned             
          40 percent, and John Laviano owned the remaining 5 percent.                 
          Petitioner's board of directors consisted of Mr. Laviano,                   







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