William N. and Moira M. Carlstedt - Page 11

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            179.5 hours related to activities that petitioner determined                                 
            involved CDI and 461.5 hours related to activities that                                      
            petitioner determined involved the partnerships.  In 1991,                                   
            petitioner's calendar listed activities related to CDI and the                               
            partnerships totaling 620 hours.  Of that amount, 257 hours                                  
            related to activities that petitioner determined involved CDI and                            
            363 hours related to activities involving the partnerships.                                  
                  At the end of each year, petitioner also summarized the                                
            available records of his time into a so-called diary of                                      
            activities (the diaries).  Petitioner's diaries were based on a                              
            40-hour week, although petitioner acknowledged that he generally                             
            had worked more hours than that per week.  In preparing the                                  
            diaries, petitioner calculated the total number of hours he had                              
            spent on CDI and his other enterprises.  In so doing, he used his                            
            calendar to remind him of the occurrence and length of meetings,                             
            reviews, trips, as well as any site visits.  He then examined                                
            other available documents to provide allowances for phone calls,                             
            travel and entertainment, and activities not otherwise listed on                             
            his calendar.  Petitioner testified that he included a "cushion"                             
            of 30-40 hours of additional time worked for CDI each year in                                
            case he forgot something.  In this manner, he came up with the                               
            following summary of hours for 1990 and 1991:                                                









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