Richard L. and Kelly D. Robson - Page 3




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          $33,175 with interest at 15 percent per year on the unpaid                  
          balance.  Immediately after the purchase, petitioner and Klute              
          each owned 50 percent of the stock of Mid-Nebraska.                         
               Mid-Nebraska struggled financially.  It borrowed additional            
          funds from York, from Klute’s spouse (Mrs. Klute), and from his             
          company, Klute Land & Cattle Co., Inc. (Klute Land & Cattle).               
          Klute eventually decided to terminate his relationship with Mid-            
          Nebraska.  Consequently, on or about February 17, 1983, Mid-                
          Nebraska redeemed all of Klute’s stock, he resigned all of his              
          positions with that corporation, and it released him from any               
          further liability on the note and any debts or notes Mid-Nebraska           
          owed York.  Mid-Nebraska also agreed to pay $22,000 to Mrs. Klute           
          and $23,000 to Klute Land & Cattle in payment of the money it               
          owed them.  Mid-Nebraska paid the $22,000 to Mrs. Klute.  Of the            
          $23,000 owed to Klute Land & Cattle, Mid-Nebraska paid Klute                
          $8,000 on or about February 17, 1983, and gave him a note for the           
          balance due, payable in three annual installments of $5,000 each            
          commencing March 1, 1984.  Klute ultimately received only one               
          $5,000 payment.                                                             
               After the redemption of Klute’s stock, petitioner was Mid-             
          Nebraska’s sole shareholder, and he alone was responsible for               
          repayment of the $33,175 loan from Mid-Nebraska.  Neither Mid-              
          Nebraska’s payments to Klute, Mrs. Klute, and Klute Land & Cattle           
          nor its failure to pay the sums owed Klute affected petitioner’s            






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