Larry L. Beeler and Cynthia J. Beeler - Page 9

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                  3.    Contract for Like-Kind Exchange                                                 
                  On October 3, 1990, petitioners signed a contract entitled                            
            "Real Estate Contract for Like-Kind Exchange" (the contract) to                             
            convey the property to the buyers.  An addendum to the contract                             
            gave the buyers 30 days after signing the contract to perform                               
            field tests to see whether the 76.5 acres was suitable for use as                           
            a landfill and sand mine.  The buyers could have their deposit                              
            returned only if they decided that the 76.5 acres was not                                   
            suitable for use as a construction and demolition debris dump and                           
            sand mine, or if they did not obtain construction and demolition                            
            debris dump and sand mine permits from Pasco County.                                        
                  The addendum allowed petitioners to operate the sand mine                             
            until the transfer to the buyers closed.  This benefited the                                
            buyers, who wanted sand to be removed.  The buyers had the right                            
            to review petitioners' records to verify that petitioners did not                           
            jeopardize the property, e.g., create liens.                                                
                  The addendum provided that if the buyers obtained new                                 
            permits and then defaulted on the contract, the buyers agreed to                            
            pay petitioners' expenses to obtain the permits that petitioners                            
            had obtained before signing the contract.                                                   
                  On November 9, 1990, the parties extended the closing date                            
            under the contract because the buyers did not know if Pasco                                 
            County would permit them to deposit debris from outside the                                 

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