Char-Lil Corporation - Page 6

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             properties.  On January 1, 1977, Mr. McKelvey contributed                
             the shopping center to petitioner.  After Mr. McKelvey and               
             petitioner had rented the shopping center for some time, it              
             was in need of renovations that would cost approximately                 
             $200,000.  Mr. McKelvey decided, on petitioner's behalf, to              
             sell the properties, and he engaged a real estate agent to               
             assist in the sale.  Petitioner sold the properties on                   
             September 29, 1986, to Ashworth, Inc.                                    
                  2116 Fort Sill Boulevard, Lawton:  Mr. McKelvey                     
             purchased this property and tore down a house that was                   
             on it to make way for a building which he leased.  On                    
             January 1, 1977, Mr. McKelvey contributed the property                   
             to petitioner.  In 1995, petitioner sold the property to                 
             an individual who had worked for Mr. McKelvey, Mr. Jimmy                 
             Parker, for $290,000.  Petitioner financed the sale of the               
             property.  Petitioner did not engage a real estate agent                 
             in connection with the sale.                                             
                  2112 Fort Sill Boulevard and 1108 Lincoln Boulevard:                
             Mr. McKelvey purchased a building at 2112 Fort Sill                      
             Boulevard and a house on a contiguous property at 1108                   
             Lincoln Boulevard from a friend.  On January 1, 1977, he                 
             contributed the properties to petitioner.  Petitioner                    
             leased the properties to Mr. Rick Taylor.  In 1985 or 1986,              
             petitioner renovated the building, and in 1995, petitioner               

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