David C. Hutchinson, et al. - Page 3

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               These cases were submitted fully stipulated under Rule 122,            
          and the stipulated facts are so found.                                      
               At the time the petitions were filed, petitioners resided in           
          the following locations:                                                    

              Petitioners                              Location                       
             David Hutchinson                          Ketchum, Idaho                 
             Isaac Kalisvaart and Francien Kalisvaart-ValkPortland, Oregon               
             William and Sharon Criswell               Wellington, Florida            
             Robert and Judeen Bobosky                 Portland, Oregon               

               On June 21, 1993, petitioners formed Valley Ranch, Inc.                
          (VRI) as an Idaho corporation, and petitioners elected to have              
          VRI taxed pursuant to subchapter S of the Internal Revenue Code.            
          Petitioners constitute all of the shareholders of VRI.                      
               On December 1, 1993, VRI entered into an option to purchase            
          a 526-acre parcel of partially developed real estate near Sun               
          Valley, Idaho (the Property).  Prior to December 1, 1993, the               
          sellers of the Property had begun development of the Property as            
          a golf course residential community.                                        
               Also on December 1, 1993, VRI entered into an agreement with           
          the sellers of the Property for VRI to continue to develop the              
          Property as follows:                                                        

                      Acreage     Use                                                 
                      189 Acres   99 residential lots                                 
                      162 Acres   Hale Irwin designed golf course                     
                      175 Acres   Roads and common areas                              

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