Edward Clasby and C.T. Garrahan Insurance Agency, Inc. - Page 3




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          A.   Petitioner Clasby                                                      
               Petitioner lived in Framingham, Massachusetts, when he filed           
          his petition in this case.                                                  
               Petitioner graduated from Boston College.  He was                      
          quarterback of the football team and is a member of the Boston              
          College Hall of Fame.  After college, he taught at a preparatory            
          school in Massachusetts for 2 years.  In 1952, he obtained a                
          master's degree in biology from Boston College.  He coached                 
          football at Boston College while attending graduate school.  He             
          then attended Harvard Business School for 1 year.                           
               Petitioner married Mary Garrahan in 1953.  He worked for the           
          Travelers Insurance Co. (Travelers) from around 1954 to 1960 or             
          1961.  He left Travelers to work for the C.T. Garrahan Insurance            
          Agency, Inc. (the Garrahan Agency), which was owned by his                  
          father-in-law.                                                              
          B.   Petitioner Garrahan Agency                                             
               The Garrahan Agency is a Massachusetts corporation the                 
          principal place of business of which was in Framingham,                     
          Massachusetts, during the years in issue and when it filed its              
          petition in this case.  The Garrahan Agency sold insurance to               
          individuals and businesses.                                                 
               Petitioner was president of the Garrahan Agency during the             
          years at issue.  Petitioner was a licensed insurance broker for             
          the Garrahan Agency.  He solicited and acquired casualty                    
          insurance business.  Petitioner and his wife each received a                
          salary from the Garrahan Agency from 1982 to 1988.  During the              

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