Estate of Juanita F. Sirmans, Deceased Dan L. Sirmans, Executor - Page 13

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                  with a revised offer.  I believe we are in basic                    
                  agreement on the settlement, but we will request                    
                  our appraiser to review the proposal.  I wish to                    
                  thank you for the information provided.  Please                     
                  keep me up to date on the title transfer.  If                       
                  you need any further information, feel free to                      
                  contact me.                                                         

                  Several months later, Mr. Caruthers sent another                    
             letter dated October 3, 1991, to Mr. Sirmans:                            

                  I have enclosed for your handling a Purchase                        
                  Agreement in the amount of $100,795.27 for the                      
                  acquisition of the above referenced Parcel 123.                     

             Thus, the purchase price for decedent's 4.83 acres,                      
             $100,795.27, was based upon an agreed price paid for the                 
             land of $20,000 per acre.  The purchase price was reduced                
             by a property tax arrearage in the amount of $29,611.42,                 
             and airborne and wiring charges totaling $40.  Accordingly,              
             the estate ultimately received cash in the amount of                     
             $71,143.85 for the 4.83 acres.                                           
                  Mr. Sirmans filed Form 706, United States Estate (and               
             Generation Skipping Transfer) Tax Return, as executor of                 
             the decedent's estate.  He did not elect alternative                     
             valuation.  Thus, he reported the value of the decedent's                
             assets as of the date of death.  On Schedule A--Real                     
             Estate, attached to the estate tax return, Mr. Sirmans                   
             reported $509,529 as the value of the subject 56.5 acres.                
             In computing that amount, Mr. Sirmans concluded that the                 

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