Thomas F. and Therese Grojean - Page 3

                                        - 3 -                                          
                                   FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.                
          The stipulation of facts and the exhibits submitted therewith are            
          incorporated herein by this reference.  Petitioner and Therese               
          Grojean are husband and wife, and they resided in Anderson,                  
          Indiana, when they filed their petition in this case.                        
               Petitioner graduated from the University of Notre Dame in               
          1960 with a B.S. in accounting.  After college, he worked at                 
          Price Waterhouse as a certified public accountant.  From 1968                
          through 1984, he was employed by Flying Tigers, an all-cargo                 
          airline, where he was the chief financial officer and later the              
          chief operating officer.  In 1984, he left Flying Tigers to                  
          acquire interests in several trucking companies.  American                   
          National Bank and Trust Company of Chicago (American) financed               
          the acquisitions.                                                            
               As of 1989, Transamerica Leasing Company (Transamerica)                 
          owned all the stock of Schanno Transportation, Inc. (Schanno), a             
          trucking company.  Sometime prior to July 13, 1989, petitioner               
          and Transamerica entered negotiations for petitioner’s possible              
          purchase of Schanno.  During these negotiations, petitioner                  
          contacted American to discuss financing for the purchase.  In                
          August 1989, petitioner formed and became the sole shareholder of            
          Schanno Acquisition, Inc. (Schanno Acquisition), which he formed             
          for the purpose of acquiring Schanno.  The plan was for Schanno              

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