Chester F. and Faye L. Sidell - Page 5

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               On February 23, 1993, FLS Realty Trust acquired the land and           
          building located at Canal, Mill, and Methuen Streets, Lawrence,             
          Massachusetts (the FLS Realty Trust property).  This property was           
          subsequently leased to KGR to alleviate a parking shortage around           
          KGR's offices.                                                              
               On July 14, 1993, and May 16, 1994, respectively, GES Realty           
          Trust and RMS Realty Trust acquired properties located near the             
          Everett Mill, Kunhardt Mill, and FLS Realty Trust properties.               
          These properties were acquired in anticipation of future expansion          
          of KGR's business; they were not rented to KGR during the years in          
               KGR, incorporated in Massachusetts, has its principal place of         
          business in Lawrence, Massachusetts. For Federal income tax                 
          purposes it is a subchapter C corporation.  KGR is engaged in the           
          business of manufacturing women's and children's apparel under              
          private labels for such customers as Nordstrom, Talbots, and                
               During the years in issue, petitioner was the president,               
          treasurer, and sole director of KGR.  With the exception of its             
          retail sales operation, which was managed by Mrs. Sidell, Mr.               
          Sidell managed every facet of KGR's day-to-day activities.                  

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