Richard R. Hamlett - Page 4

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               When the petition was filed in the instant case, petitioner            
          resided in Roanoke, Virginia.                                               
               Petitioner is a licensed general contractor, and a real                
          estate sales and management broker.                                         
               In 1988, petitioner formed Centurion Investments, an S                 
          corporation.  Petitioner was the sole shareholder of Centurion              
          Investments between 1988 and 1996.                                          
               Sometime in 1995, petitioner decided to sell for $100,000              
          Centurion Investments and Roanoke Development, another S                    
          corporation owned by petitioner, to Jane Parker (hereinafter                
          sometimes referred to as Parker), petitioner’s sales agent.                 
          Centurion Investments and Roanoke Development are hereinafter               
          sometimes referred to collectively as the Corporations.  Parker             
          began to make payments to petitioner in 1995.  See supra note 3.            
          When petitioner received the entire $100,000 (sometime in 1996),            
          then he transferred to Parker all his stock in the Corporations             
          “effective” December 31, 1995.                                              
               On January 2, 1996, petitioner sold for $35,000 to Centurion           
          Investments, or to Parker as 100 percent owner of Centurion                 
          Investments, the following Virginia general partnership                     
          interests:  28a percent interest in Meadow Green Associates;                
          44.36 percent interest in Williamsburg Manor Associates; 28a                
          percent interest in Crystal Tower Associates; and 44.36 percent             
          interest in Spanish Trace Associates.  These interests are                  

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