Terry Duane Beall and Joyce Engel Beall - Page 4

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          California to such places as Idaho and Hawaii and eventually                
          expanded on an international level.                                         
               On December 31, 1986, Terry entered into an agreement with             
          Academy for the sale of his clients' names, records, and                    
          accounts, including the managing general agent's agreements.  At            
          the same time, he entered into a 5-year employment contract with            
          Academy, commencing on January 1, 1987, to be Academy's executive           
          vice president--marketing and the chairman of the board of                  
          Academy Services, Inc.  During Terry's employment term, Academy             
          could not require him to relocate.  In light of Academy's                   
          business interests around the world, Terry's job focused on                 
          clients in and outside California.  As a result, he traveled                
          outside California regularly.                                               
               On August 1, 1988, the Corporation was liquidated, and Terry           
          made a section 333 election.  Before the Corporation was                    
          liquidated, petitioners held a meeting with their tax attorney              
          and accountant.                                                             
          Mary Street                                                                 
               In 1973, petitioners purchased property at 2320 Mary Street            
          (Mary Street) in Riverside, California from Joyce's parents.                
          Mary Street had been Joyce's family home.  Petitioners moved into           
          Mary Street, and they raised their children there from 1973 until           

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Last modified: May 25, 2011