Larry L. Beeler and Cynthia J. Beeler - Page 10

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            county in a dump on the 76.5 acres.  The buyers had the right to                            
            cancel the contract if they could not do so.                                                
                  Petitioners transferred the 76.5 acres to the buyers by                               
            warranty deed on October 16, 1991.  The buyers paid $1.2 million                            
            for the 76.5 acres.  Petitioners mined about 130,000 cubic yards                            
            of sand from the 76.5 acres during the time the contract was                                
            executory.  The buyers did not request any price adjustment.                                
                  Florida had a bulk sale law when petitioners exchanged the                            
            76.5 acres with the buyers that required parties to a transfer of                           
            a business to list all equipment, materials, and stock in trade                             
            to avoid the presumption that the transfer is a fraudulent                                  
            conveyance.  Fla. Stat. Ann. secs. 676.101-109 (West                                        
            1993)(repealed by 1993 Fla. Laws ch. 93-77, sec. 3).  Burke did                             
            not try to comply with the bulk sale law because he believed                                
            petitioners exchanged real estate, not a business with equipment                            
            or stock in trade.  The buyers did not receive a bill of sale for                           
            any chattels.  Burke obtained land title insurance and paid for                             
            real estate documentary stamps based on the $1.2 million contract                           
                  The 76.5 acres remained zoned for a mobile home park during                           
            the time petitioners held it.                                                               
                  In exchange for the 76.5 acres, petitioners received title                            
            to the Mosquito Control Building, Palm Coast Storage, and a bank                            
            building (the acquired properties).  The acquired properties were                           

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