Coggin Automotive Corporation - Page 5




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          Petitioner did not directly own any inventory.  As of June 26,              
          1993, the accumulated LIFO reserves of the affiliated group were            
          $5,077,808 (pre-S-election LIFO reserves).                                  
               From January 29, 1970 (the date of incorporation), until June          
          27, 1993, petitioner was a C corporation.  As of June 27, 1993, the         
          equity and voting interests in petitioner were held as follows:             
          Shareholder              Ownership Interest    Voting Interest              
          Luther Coggin                 55.0%               78%                       
          Harold O’Steen                22.5                11                        
          Howard O’Steen                22.5                11                        
               Luther Coggin was petitioner’s president and chief executive           
          officer; Harold and Howard O’Steen (collectively, the O’Steens)             
          were vice presidents of petitioner.  Mr. Coggin and the O’Steens            
          were also the three directors of petitioner.  The O’Steens did not          
          assume an active managerial role in petitioner’s operations.                
               On January 2, 1996, the O’Steens sold their stock interests in         
          petitioner for $30,025,000 pursuant to a redemption and purchase            
          agreement.                                                                  
          Coggin Pontiac-GMC                                                          
               Coggin Pontiac-GMC began its operations in 1968; initially,            
          its operations were conducted through Coggin Pontiac, Inc.  Before          
          June 21, 1993, Coggin Pontiac, Inc., owned the assets of its                
          dealership, including the franchise rights.                                 










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