Leon L. Sicard and Eleanor Sicard - Page 6

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          first condominium complexes in the New Hampshire seacoast area,             
          petitioner educated real estate agents and potential buyers about           
          the benefits of condominium ownership.  As units were completed,            
          petitioner was involved in negotiations with buyers regarding               
          additional features to be put into the units and approval of the            
          pricing structure of the features.  Petitioner also arranged                
          customer financing, and attended most of the closings with the              
          buyers in order to handle any last-minute problems.  Petitioner             
          acted as the liaison with the buyers following the sales.  He               
          followed up to assure that all the features were completed to the           
          buyer’s satisfaction.  He responded to buyers’ complaints, and,             
          when appropriate, called in subcontractors to redo work which               
          they guaranteed.  If necessary, he negotiated settlements with              
          the buyers.  The partnership sold most of the condominiums by               
          early 1987.  Petitioner did not provide significant management              
          services to the partnership during 1987, and the partnership did            
          not accrue any management fees to petitioner after 1986.                    
               White Enterprises provided bookkeeping and accounting                  
          services to the partnership from 1984 through 1987 through its              
          employee Darius (John) Davis.  White Enterprises was compensated            
          for the arrangement.  Initially, Mr. Davis prepared either cash             
          flow statements or income statements for the partnership                    
          approximately three times per year; subsequently, he prepared               
          statements monthly.  Once prepared, Mr. Davis sent copies of the            
          statements to petitioner.  The statements did not separately list           




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