Walter L. Medlin - Page 82

                                       - 165 -                                        
                           SCHEDULE C GAINS FROM PROPERTY SALES                       

                           Taxable Year                                               
                                        1985      1986      1987      1988            
          Notice of deficiency                                                        
               Gains on property sales     $247,154    $417,788    $995,801    $375,268
          Amendment to answer                                                         
               Tai Property                 $50,863      - 0 -       - 0 -       - 0 -

          Amounts conceded by petitioner                                              
               OS-13               $4,854       - 0 -       - 0 -       - 0 -         
               OS-06               10,270      $13,100      - 0 -      $12,950        
          OS-49                    20,000       - 0 -      $94,446      - 0 -         
          OS-1.2                   6,878       - 0 -       29,124      - 0 -          
          OS-61                    92,796       - 0 -         0         - 0 -         
          OR-01                         - 0 -       72,039     823,078      - 0 -     
          OS-29                         - 0 -        2,570      - 0 -       - 0 -     
          OS-31                         - 0 -       48,432      - 0 -       - 0 -     
          OR-ABC                        - 0 -       18,783      - 0 -       - 0 -     
          OS-23                         - 0 -       - 0 -       - 0 -      154,170    
               Total               134,798      154,924     946,648     167,120       
               Concession relating to                                                 
               amendment to answer                                                    
                    Tai Property   $50,863        - 0 -       - 0 -       - 0 -       

          Amounts conceded by respondent                                              
               OS-06               $1,000       $1,000      - 0 -       $1,000        
          OS-1.4                        6,144       12,289     $24,577      - 0 -     
               OS-29                    - 0 -       42,480      - 0 -       - 0 -     
          OS-22                         - 0 -       - 0 -       - 0 -       55,164    
          Total                    7,144       55,769      24,577      56,164         

          Amounts in dispute                                                          
               OS-03               $20,097      $21,097      - 0 -      $77,298       
          OS-06                    59,272       - 0 -       - 0 -       - 0 -         
          OS-35                        19,699       - 0 -       - 0 -       - 0 -     
          OS-1.4                        6,144       12,289     $24,577      - 0 -     
          OS-47                         - 0 -       41,776      - 0 -       - 0 -     
          OS-47                         - 0 -       50,726      - 0 -       19,522    
          OS-1.3                        - 0 -       20,502      - 0 -       - 0 -     
          OS-39                         - 0 -       60,706      - 0 -       - 0 -     
               OS-22                         - 0 -       - 0 -       - 0 -       55,164
          Total                    105,212      207,096      24,577     151,984       

          *Petitioner on brief concedes that his share of the gain from the sale of the
          Mefford Property (OS-22) was $55,164.                                       








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