Ronald B. and Annette C. Talmage - Page 6




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          Form 1040, U.S. Individual Income Tax Return, for 1998 (1998                
          return).                                                                    
               The Rivercliff property is in the protected Columbia River             
          Gorge National Scenic Area.  Any development plan for the                   
          Rivercliff property is subject to land use review by the Columbia           
          Gorge Commission, which comprises representatives from cities and           
          counties on both sides of the Columbia River.  The Talmages could           
          not place improvements on the Rivercliff property until they                
          satisfied the land use rules, received the approval of Multnomah            
          County, and obtained building permits from the city of Gresham,             
          Oregon.  A “watchdog” group called Friends of the Columbia Gorge            
          also participated in the review process.                                    
               At the date of purchase, the Rivercliff property was zoned             
          for a single-family dwelling.  The improvements on the property             
          included a small modular home, the original farm dwelling (being            
          used as a storage building), a barn with outbuildings, a kennel             
          building with multiple dog runs, a gazebo, and a garden shed.               
               In 1998, the Talmages engaged the services of Philip McCurdy           
          (Mr. McCurdy), a Portland architect, and began working on plans             
          to raze the existing modular home and build their dream home,               
          renovate the original farm dwelling, build a traditional Japanese           
          tea house, install a three-horse stable, install farm pasture               

               3(...continued)                                                        
          Although NCPL is registered in the British Virgin Islands, its              
          offices are in Hong Kong.                                                   





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