Margaret Hancock - Page 3

          for residential and commercial construction.  Petitioner and her             
          husband owned 60 percent of the stock in J.W. Hancock, Inc.                  
               The real estate market declined in the 1960's.  Petitioner              
          and her husband surrendered their stock in J.W. Hancock, Inc.                
          They kept nine lots in Phoenix, Arizona, and built one house at a            
          C.   J.W. Hancock Enterprises, Inc.                                          
               1.   Incorporation                                                      
               Petitioner and her husband incorporated J.W. Hancock                    
          Enterprises, Inc. (Hancock Enterprises), on May 1, 1973.  From               
          1973 to 1986, Hancock Enterprises developed real estate in the               
          Phoenix area.  Petitioner was the executive vice president of                
          Hancock Enterprises.                                                         
               Petitioner and her husband established the J.W. Hancock and             
          Margaret E. Hancock Trust (the trust) on September 23, 1976.                 
          Hancock was the trustee.  The trust owned the stock of Hancock               
               2.   Operation of Hancock Enterprises                                   
               Hancock Enterprises operated under the name of Camelot Homes            
          (Camelot).  Hancock Enterprises bought large tracts of land,                 
          subdivided and rezoned the tracts, made improvements such as                 
          roads and sidewalks, and delivered sewer and water lines to the              

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