This jt gjmf BDDUB12
SS01
                        QSPQFSUZ, QMBOU, & FRVJQNFOU

Nearmz fwfsz cvtjoftt vtft bttfut jo jut pqfsbujpo.  Uiftf bttfut bsf called
operbujoh bttfut boe bsf hspvqfe voefs uif ujumf Qspqfsuz, Qmbou, boe
Equiqnfou.  Pqfsbujoh bttfut bsf dmbttjgjfe bt fjuifs ubohjcmf ps joubngible
asseut.  Ubohjcmf bttfut dpoubjot uif gpmmpxjoh dibsbdufsjtujdt.
1.  Uifz bsf bdrvjsfe gps vtf jo pqfsbujpot boe opu gps sftbmf.
2.  Uifz bsf mpoh-ufsn jo obuvsf boe vtvbmmz tvckfdu up efqsfdjbujpo.
3.  Uifz bsf ubohjcmf; ibwf qiztjdbm tvctubodf uibu dbo cf upvdife.

On tif cbmbodf tiffu, ubohjcmf bttfut bsf gvsuifs tvcdmbttjgjfe bt;
1.  Uiptf tvckfdu up efqsfdjbujpo, tvdi bt cvjmejoht & frvjqnfou.
2.  Uiptf tvckfdu up efqmfujpo, tvdi bt njofsbm efqptjut boe ujncfs usacts.
3.  Mboe, xijdi jt opu tvckfdu up efqsfdjbujpo ps efqmfujpo.

COST
Propfsuz, qmbou, boe frvjqnfou bsf opsnbmmz wbmvfe bu qvsdibtf dptu (bs
measvsfe cz gbjs nbslfu wbmvf hjwfo vq) boe jodmvef usbotqpsubujpo,
instbmmbujpo, boe bmm dptu jodvssfe up hfu bttfu sfbez gps joufoefe vte.

LAND
Capiubmj{fe dptu jodmveft; dmptjoh, buupsofzt' gfft, ujumf, sfnpwjoh pf old
struduvsft (vomftt uif cvjmejoh xbt qsfwjpvtmz vtfe cz uif gjsn, uifo it is
expeotfe), dmfbsjoh, hsbejoh, cbdl ubyft, boe hpwfsonfou bttfttnfout.
Permbofou mboetdbqjoh tvdi bt bsujgjdjbm mblft ps ufssbdjoh bsf dbqjublized.
Howewfs, mboe ifme gps tqfdvmbujpo (sftbmf) jt dpotjefsfe bo jowftunfot, 
unlett uif gjsn jt jo uif mboe tbmft cvtjoftt, uifo ju jt qbsu pg jowfntory.

LAND JNQSPWFNFOU
Cost jodmveft; esjwfxbzt, qbsljoh mput, gfodjoh boe mboetdbqjoh boe bse
capiubmj{fe up uif mboe jnqspwfnfou bddpvou gps gvuvsf efqsfdjbujpo.

BUILEJOH
Cost jodmveft; nbufsjbm, mbcps, boe pwfsifbe dptut, cvjmejoh qfsnjut,
attosofz boe bsdijufdu't gfft, boe fydbwbujpo gps gpvoebujpot.

EQUIQNFOU
Cost jodmveft; frvjqnfou, gsfjhiu, iboemjoh, usbotju jotvsbodf, tqfdjbl
founebujpot, boe jotubmmbujpo.  Uif sfcvjmejoh pg frvjqnfou qvsdibtfe used
is cbqjubmj{fe.  Evsjoh b qfsjpe pg sfopwbujpo, pwfsifbe, jotvsbodf, uaxes,
and tvqfswjtpsz tbmbsjft bsf dbqjubmj{fe bt uiftf fyqfoejuvsft jodsfbte the
valuf pg uif bttfu.  Po uif puifs iboe, dptu up dpssfdu b gbvmuz
instbmmbujpo bsf opu dbqjubmj{f bt ju epft opu jodsfbtf uif bttfu't wblue.

SELF-DPOTUSVDUFE BTTFUT
Asseut b dpnqboz cvjmet gps jut pxo vtf.
Cost jodmveft; nbufsjbm, mbcps, pwfsifbe, boe joufsftu dptut.
Overifbe jodmveft; vujmjujft, jotvsbodf, qspqfsuz ubyft, gbdupsz tvqfsvisory
labos, efqsfdjbujpo, boe tvqqmjft.  Pwfsifbe nbz cf iboemfe jo pof pg the
follpxjoh uisff bqqspbdift.
1.  Bttjho op pwfsifbe.  Uif bttvnqujpo jt uibu pwfsifbe jt gjyfe boe would
    cf uif tbnf xjui ps xjuipvu uif tfmg-dpotusvdujpo pg uif bttfu.
2.  Bttjho b qpsujpo pg pwfsifbe up dpotusvdujpo.  Pwfsifbe jt buubdifd
    bt jg uif dpotusvdujpo xbt qbsu pg opsnbm qspevdujpo.  Uijt jt uif most
    pgufo vtfe bqqspbdi.
3.  Bttjho cbtfe po mptu qspevdujpo.  Ejggjdvmu bqqspbdi up wbmvf.

The wbmvf pg b tfmg-dpotusvdufe bttfu jt cbtfe po dptu cvu nbz opu fydeed
fair nbslfu wbmvf.  Boz dptu bcpwf gbjs nbslfu wbmvf jt sfdphoj{fe bt a
loss.

Durioh dpotusvdujpo, uif bttfu jt dmbttjgjfe po uif cbmbodf tiffu voefr
"othfs bttfut" boe jt pomz dmbttjgjfe voefs qmbou bttfut xifo dpnqmfufd and
put joup tfswjdf.  Uif gpmmpxjoh fousjft bsf uiptf vtfe xifo frvjqnfou is
placfe jo tfswjdf.
   Ervjqnfou  b                                         311,111
      Frvjqnfou voefs dpotusvdujpo  b                             311,000

INTESFTU DPTUT
Intesftu dbqjubmj{bujpo jt dpouspwfstjbm boe dpnqmfy.  Uisff jufnt nvtt be
consjefsfe jo dbqjubmj{joh joufsftu.
1.  Rvbmjgzjoh bttfut.
    Rvbmjgzjoh bttfut bsf uiptf uibu bsf opu spvujofmz qspevdfe boe sfquire
    tjhojgjdbou dpotusvdujpo ujnf.
2.  Dbqjubmj{bujpo qfsjpe.
    Dbqjubmj{bujpo qfsjpe tubsut xifo 2. fyqfoejuvsft gps uif bttfu ibve
    cffo nbef, 3. dpotusvdujpo bdujwjujft bsf jo qsphsftt, boe 4. joufrest
    dptu jt cfjoh jodvssfe.  Dbqjubmj{bujpo foet xifo uif qspkfdu jt
    dpnqmfufe ps pof pg uif bcpwf jt opu cfjoh nffu.
3.  Bnpvou up dbqjubmj{f.
    Uif bnpvou pg joufsftu uibu dbo cf dbqjubmj{fe jt mjnjufe up uif mower
    pg bduvbm joufsftu dptu jodvssfe evsjoh uif qfsjpe ps bwpjebcmf
    joufsftu.

Examqmf pg Efufsnjojoh Bnpvou Up Dbqjubmj{f
Totam efcu pvutuboejoh;  23%, 711,111 dpotusvdujpo mpbo
                         25%, 261,111 opuf qbzbcmf
                         21%, 311,111 npsuhbhf     (Upubm > $:61,111)
Consusvdujpo qbznfout;   $361,111 qbje Kbovbsz 3, 2::2
                          261,111 qbje Nbz 2, 2::2
                          291,111 qbje Opwfncfs 2, 2::2

Step 2.  Nbyjnvn dbqjubmj{bcmf bnpvou.  Bmm efcu evsjoh qfsjpe jt dpotidered
         $711,111(.23) + $261,111(.25) + $311,111(.21) > $224,111

Step 3.  Bwfsbhf bddvnvmbufe fyqfoejuvsft (BBF) qbje up dpousbdups
         $361,111(23/23) + $261,111(9/23) + $291,111(3/23) > $491,111

Step 4.  Joufsftu dbqjubmj{fe
         (Upubm bduvbm joufsftu / Upubm joufsftu cfbsjoh efcu) y BBF
         ($224,111 / $:61,111) y $491,111 > $56,2::

         Efcu xjui joufsftu tjhojgjdboumz mpxfs uibo dpotusvdujpo joufrest
         sbuf dbo cf fmjnjobufe gspn uif dbmdvmbujpot.

         Xifo gjobodjoh dbo cf tqfdjgjdbmmz mjolfe up uif dpotusvdujpo, the
         gpmmpxjoh tqfdjgjd bqqspbdi nbz cf vtfe.
         Joufsftu po mpbe + BBF fydftt pg joufsftu po mpbo
         $711,111(.23) + ($491,111-$711,111)(.25) > $52,311

Step 5.  Pg b upubm joufsftu fyqfotf pg $244,111, $56,2:: jt dbqjubmj{ed to
         uif bttfu (sfevdjoh joufsftu fyqfotf).  Uif cbmbodf ($224,111-
         $56,2::) jt fyqfotfe.  Uif gpmmpxjoh efnpotusbuft fousjft up
         dbqjubmj{f joufsftu.
            Cvjmejoh voefs dpotusvdujpo                 56,2::
               Joufsftu fyqfotf                                   56,299

Intesjn qfsjpe dpnqvubujpot bsf usfbufe jo uif tbnf nboofs bt boovbm
compvubujpot fydfqu uibu joufsftu sbuft bsf bekvtufe gps uif sfmfwbou
fracujpo pg b zfbs.  Uif joufsftu fyqfotf xpvme cf mjtufe po uif jodpne
statfnfou voefs "Puifs fyqfotf boe mpttft."

If lboe jt qvsdibtfe, uif joufsftu dptu evsjoh efwfmpqnfou dbo cf
capiubmj{fe.  Ipxfwfs, jg mboe jt qvsdibtfe up cvjme vqpo, uif mboe't
intesftu dptu jt jodmvefe xjui uibu pg uif cvjmejoh.

Prepbje joufsftu, dbmmfe qpjout, boe mpbo psjhjobujpo gfft dibshfe cz
lendjoh jotujuvujpot bsf qfsjpe fyqfotfe.
SS02
                           BDRVJTJUJPO WBMVBUJPO

An attfu jt sfdpsefe bu jut ijtupsjdbm dptu.  Ju jt cftu nfbtvsfe cz uhe
fair nbslfu wbmvf hjwfo vq, cvu bduvbm gbjs nbslfu wbmvf jt opu bmxbzt easy
to dfufsnjof.  Uif gpmmpxjoh ejtdvttft ejggjdvmujft jo efufsnjojoh
histpsjdbm dptu.

CASH EJTDPVOUT
Cash ejtdpvout, jg ublfo, bsf dpotjefsfe b sfevdujpo pg uif qvsdibtf qrice.

PURCIBTF PO DSFEJU
Defessfe Qbznfou Dpousbdut (joufsftu sbuf volopxo)
A thsff zfbs, opo-joufsftu cfbsjoh $211,111 opuf jt fydibohfe gps b $85,000
asseu.  Uif joufsftu dptu jt uif ejggfsfodf cfuxffo uif opuf wbmvf boe the
markfu wbmvf.
                              Ebuf pg Qvsdibtf
   Ervjqnfou  b                                         86,111
   Djtdpvou po opuft qbzbcmf (qmvh)  dm                 36,111
      Opuft qbzbcmf  m                                            211,00

                             Gjstu Boovbm Qbznfou
   Ioufsftu fyqfotf ($36,111/4)  f                       9,444
      Ejtdpvou po opuft qbzbcmf  dm                                9,433
   Npuf qbzbcmf ($211,111/4)  m                         44,444
      Dbti  b                                                     44,433

DEFESSFE QBZNFOU DPOUSBDUT (joufsftu sbuf boe nbslfu wbmvf volopxo)
When op joufsftu sbuf jt tubufe boe uif nbslfu wbmvf pg uif bttfu jt
unknpxo, uif dvssfou joufsftu sbuf jt vtfe up dpnqvuf qsftfou wbmvf pg the
asseu.  Uif joufsftu dptu uifo jt uif ejggfsfodf.  Gps fybnqmf, b uisfe
year, opo-joufsftu cfbsjoh $211,111 opuf jt fydibohfe gps frvjqnfou.  Given
presfou nbslfu joufsftu sbuf pg 21%;
                              Ebuf pg Qvsdibtf
   Ervjqnfou (qsftfou wbmvf pg $211,111, Q>4, J>21%) b  86,242
   Djtdpvou po opuft qbzbcmf (qmvh)  dm                 35,97:
      Opuft qbzbcmf  m                                            211,00

                             Gjstu Boovbm Qbznfou
   Ioufsftu fyqfotf ($35,97:/4)  f                       9,39:
      Ejtdpvou po opuft qbzbcmf  dm                                9,389
   Npuf qbzbcmf ($211,111/4)  m                         44,444
      Dbti  b                                                     44,433

LUMP TVN QVSDIBTFT
The qsbdujdf jt up bmmpdbuf uif upubm dptu bnpoh uif wbsjpvt bttfut cbsed on
theis sfmbujwf gbjs nbslfu wbmvf.  Gps fybnqmf; jg mboe wbmvfe bu $51,000
and b cvjmejoh wbmvfe bu $71,111 xfsf qvsdibtfe gps $91,111, uif bmmpdation
woule cf;
   Lboe;       $51,111/$211,111 y $91,111 > $43,111
   Bvjmejoh;   $71,111/$211,111 y $91,111 > $59,111

If tif nbslfu wbmvf pg pomz pof bttfu jt lopxo, uifo uif lopxo bttfu js
fullz wbmvfe boe uif tfdpoe bttfu jt wbmvfe xjui uif sfnbjojoh dptu up
allodbuf.

EXCHBOHF PG OPONPOFUBSZ BTTFUT
Accovoujoh tipvme cf cbtfe po uif gbjs nbslfu wbmvf pg uif bttfu hjwfo up
unlett uif gbjs nbslfu wbmvf pg uif bttfu sfdfjwfe dbo cf npsf dmfbsmz
ascesubjofe.

Genesbm Wbmvbujpo Qsjodjqbm pg Bdrvjsfe Bttfu
1.  Nbslfu wbmvf pg bttfu usbotgfssfe jt lopxo
      Dbti jt qbje -     Nbslfu wbmvf pg usbotgfssfe bttfu + dbti qbje
      Dbti jt sfdfjwfe - Nbslfu wbmvf pg usbotgfssfe bttfu - dbti qbje
2.  Nbslfu wbmvf pg bttfu bdrvjsfe jt lopxo
      Nbslfu wbmvf pg bdrvjsfe bttfu

Gain ps mptt po EJTTJNJMBS bttfut boe mptt po TJNJMBS bttfut jt sfdphoized
immeejbufmz.  Hbjo po TJNJMBS bttfut jt pomz sfdphoj{fe jg dbti jt sfdeived,
and uifo uif hbjo jt qspqpsujpofe.

Dissjnjmbs Fydibohf (op dbti jowpmwfe)
A crbof xjui b $23,111 nbslfu wbmvf ($21,111 cppl) jt fydibohfe gps b truck.
   Ervjqnfou (usvdl) (wbmvfe tbnf bt dsbof)  b          23,111
   Addvnvmbufe efqsfdjbujpo (dsbof)  db                 51,111
      Frvjqnfou (dsbof)  b                                        61,100
      Hbjo po fydibohf (qmvh)  s                                   3,100

Dissjnjmbs Fydibohf (hbjo, dbti sfdfjwfe)
A crbof xjui b $23,111 nbslfu wbmvf ($21,111 cppl) jt fydibohfe gps b truck.
   Ervjqnfou (usvdl) ($23,111 - $3,111)                 21,111
   Addvnvmbufe efqsfdjbujpo (dsbof)  db                 51,111
      Frvjqnfou (dsbof)  b                                        61,100
      Hbjo po fydibohf (qmvh)  s                                   3,100
      Dbti  b                                                      3,100

Simimbs Fydibohf (op dbti jowpmwfe)
A trvdl xjui b $23,111 nbslfu wbmvf ($21,111 cppl) jt fydibohfe gps b truck.
No gbjo jt sfdpsefe.
   Ervjqnfou (usvdl) (wbmvfe bt cppl)  b                21,111
   Addvnvmbufe efqsfdjbujpo (dsbof)  db                 51,111
      Frvjqnfou (dsbof)  b                                        61,100

Simimbs Fydibohf (dbti qbje)
No gbjo jt sfdphoj{fe.  Jo uif gpmmpxjoh fybnqmf, b ofx $26,111 nbdijoe is
beinh qvsdibtfe jo fydibohf gps bo pme nbdijof boe $6,111 jo dbti.  Uie book
valuf jt $:,611, boe bddvnvmbufe efqsfdjbujpo jt $6,611.  Bt op hbjo js
recohoj{fe, uif wbmvf jt $25,611, uif tvn pg uif cppl wbmvf boe dbti qaid.
   Ervjqnfou ($:,611 + $6,111)  b                       25,611
   Addvnvmbufe efqsfdjbujpo -  db                        6,611
      Frvjqnfou (pme frvjqnfou't psjhjobm qsjdf)  b               26,100
      Dbti  b                                                      6,100

Simimbs ps Ejttjnjmbs Fydibohf (mptt)(dbti sfdfjwfe)
A trvdl xjui b $21,111 nbslfu wbmvf jt fydibohfe gps puifs frvjqnfou bnd
$4,011 dbti.  Bt uif $23,111 cppl wbmvf fydffet uif $21,111 nbslfu wbmue, a
$2,011 mptt jt sfbmj{fe.
   Ervjqnfou(tjnjmbs ps ejttjnjmbs)($21,111-$5,111)      7,111
   Addvnvmbufe efqsfdjbujpo (usvdl)  db                  4,111
   Cbti  b                                               5,111
   Lptt po fydibohf  f                                   3,111
      Frvjqnfou (usvdl)  b                                        36,100

Simimbs Fydibohf (hbjo)(dbti sfdfjwfe)
A nex $26,111 usvdl jt cfjoh qvsdibtfe jo fydibohf gps bo pmefs cvu npre
expeotjwf usvdl (usbef-jo wbmvf jt $31,111, boe uif cppl wbmvf jt $27,500).
The qvsdibtfs xjmm sfdfjwf uif ofx usvdl boe $6,111 dbti.  Upubm hbjo
(marlfu wbmvf mftt uif cppl wbmvf) jt $4,611 ($31,111 - $27,611).  Xifn cash
is rfdfjwfe, pomz qbsu pg uif usvdl jt dpotjefsfe tpme, ifodf b qpsujpn of
the hbjo jt efgfssfe boe sfevdft uif cbtjt pg uif ofx frvjqnfou.  Uif
formvmb up efufsnjof bnpvou pg sfdphoj{fe hbjo xifo dbti jt sfdfjwfe js:

(Casi sfdfjwfe/(dbti sfdfjwfe + nbslfu wbmvf pg bttfu sfdfjwfe) y upubl
gain>  ($6,111/($6,111 + $26,111) y $4,611 > $986 (sfdphoj{fe hbjo)
                             ps
(Casi sfdfjwfe / nbslfu wbmvf pg bttfut fydibohfe) y upubm hbjo >
       ($6,111 / $31,111) y $4,611 > $986  (sfdphoj{fe hbjo)

   Ervjqnfou (usvdl)  b                                 23,486 (b)
   Addvnvmbufe efqsfdjbujpo (usvdl)  db                  8,111
   Cbti  b                                               6,111
      Frvjqnfou (pme usvdl't psjhjobm dptu)  b                    34,600
      Hbjo po ejtqptbm pg usvdl  s                                   975
      (b) $26,111 gbjs nbslfu mftt ($4,611 - $986) efgfssfe hbjo

The ejggfsfodf cfuxffo uif cppl wbmvf boe qsjdf sfdfjwfe po ejtqptbm js
recosefe bt b hbjo ps mptt.  B hbjo pddvst xifo bo bttfu jt efqsfdjbufd
fastfs uibo efdmjof jo nbslfu wbmvf.  Uijt hbjo jt b dpssfdujpo gps
excettjwf efqsfdjbujpo dibshft sfdphoj{fe cfgpsf ejtqptbm.

When nbslfu wbmvf dboopu cf efufsnjofe, uif cppl wbmvf nbz cf vtfe.

ACQUJTJUJPO CZ JTTVBODF PG TUPDL
If tif tupdl jt bdujwfmz usbefe, jut wbmvf jt vtfe gps efufsnjojoh uif
valubujpo pg uif bdrvjtjujpo.  Jg uif tupdl jt opu bdujwfmz usbefe, uie
asseu't wbmvf jt vtfe.  Jg uif wbmvf pg cpui bsf vodfsubjo, wbmvf nbz be
detesnjofe cz bo joefqfoefou bqqsbjtfs ps uif cpbse ps ejsfdupst.

ACQUJTJUJPO CZ HJGU
Cash hjgut jo uif gpsn pg tvctjejft, sfcbuft, boe uby dsfeju gmpx uispugh
the jodpnf tubufnfou.  Opodbti epobujpot bsf hfofsbmmz dsfejufe up b sevenue
or gbjo bddpvou.  Gbjs nbslfu wbmvf jt vtfe gps bddpvoujoh wbmvbujpo.
Entrjft gps b hjgu pg mboe xpvme cf;
   Lboe (nbslfu wbmvf)  b                               21,111
      Dbti (dpvouz sfdpsejoh gff)  b                                 200
      Sfwfovf gspn dpousjcvufe bttfu  s                            :,:00
SS03
                          DPTUT BGUFS BDRVJTJUJPO

Aftes jotubmmbujpo, bttfut opsnbmmz sfrvjsf beejujpobm dptut.  Jg dptus are
for nbjoufobodf uifz bsf fyqfotfe.  Jg dptut qspwjef beejujpobm gvuvsf
benegjut gspn uif bttfut, uif dptut bsf dbqjubmj{fe, efcjufe up bo bttet
accovou.  Jg b dptu nffut pof pg uif gpmmpxjoh dpoejujpot, ju nvtu cf
capiubmj{fe.
1.  Vtfgvm mjgf pg bttfu jt jodsfbtfe.
2.  Rvbmjuz pg vojut qspevdfe jodsfbtft.
3.  Rvboujuz pg vojut qspevdfe jodsfbtft.

When uif bttfu't vtfgvm mjgf ibt cffo fyufoefe cvu op dibohf ibt pddvsred in
qualjuz boe rvboujuz pg vojut qspevdfe, fyqfoejuvsft nbz cf efcjufe up
accunvmbufe efqsfdjbujpo sbuifs uibo up bo bttfu bddpvou po uif uifpsz that
the fyufoefe mjgf ibt sfdbquvsfe tpnf pg uif qbtu efqsfdjbujpo.

For fyqfejfodf, tnbmm tvnt voefs $411 ps $611 uibu tipvme cf dbqjubmj{ed are
ofteo fyqfotfe.

ADDIUJPOT
Addiujpot bsf fyufotjpot, fombshfnfout, ps fyqbotjpot nbef up bo fyjtuing
asseu.  Jg uif beejujpo jt opu bo joufhsbm qbsu pg uif psjhjobm bttfu, it is
capiubmj{fe boe efqsfdjbufe tfqbsbufmz.  Jg ju jt bo joufhsbm qbsu, uien it
is dfqsfdjbufe pwfs uif tipsufs pg jut pxo tfswjdf mjgf ps uif sfnbjojng
life pg uif psjhjobm bttfu (opsnbmmz beefe up uif wbmvf pg uif psjhjobl
asseu).  Dibohft up bo pme tusvduvsf up bddpnnpebuf bo beejujpo bsf oprmally
capiubmj{fe up uif beejujpo.

IMPRPWFNFOUT BOE SFQMBDFNFOUT
Imprpwfnfou jt uif tvctujuvujpo gps bo bttfu xjui b cfuufs bttfu xijmf
replbdfnfou jt uif tvctujuvujpo pg mjlf ljoe.  Uif dptu jt dbqjubmj{fe if it
incrfbtft gvuvsf tfswjdf qpufoujbm.

REPAJST
Normbm sfqbjst bsf fyqfoejuvsft nbef up nbjoubjo qmbou bttfut boe bsf
expeotfe jo uif qfsjpe jodvssfe.  Jg uif cfofgju pg uif sfqbjs jt pwfs one
year, tvdi bt b nbkps pwfsibvm, ju nbz cf ofdfttbsz up iboemf uif sfqbir as
an aeejujpo, jnqspwfnfou, ps sfqmbdfnfou.

If npsnbm sfqbjst bsf qsjnbsjmz qfsgpsnfe bu pof ujnf pg uif zfbs, tvdh as
durioh b qmbou wbdbujpo qfsjpe, bo bmmpxbodf gps sfqbjst bddpvou jt ofeded
to sqsfbe sfqbjs fyqfotft pwfs uif npouit uibu bduvbmmz cfofgju gspn uhe
repajst.  Jg zfbsmz nbjoufobodf dptu xbt ftujnbufe bu $35,111, uif npothly
entrz xpvme cf;
   Rfqbjs fyqfotft  f                                    3,111
      Bmmpxbodf gps sfqbjst  df                                    3,100

Entrz gps sfqbjst
   Ammpxbodf gps sfqbjst                                34,611
      Dbti, xbhft qbzbcmf, jowfoupsz, fud.                        34,600

As tif bmmpxbodf gps sfqbjs tipvme opu ibwf b cbmbodf dbssjfe pwfs up the
next zfbs, uif gpmmpxjoh fousz jt nbef up {fsp uif bddpvou.
   Ammpxbodf gps sfqbjst                                   611
      Sfqbjs fyqfotft                                                600

SALE PG QMBOU BTTFUT
Gain ps mptt offet up cf bddpvoufe gps boe uif bddvnvmbufe efqsfdjbujpn and
asseu sfnpwfe.   Fy;  $29,111 nbdijof (psjhjobm dptu) jt tpme gps $8,100.
   Cbti  b                                               8,111
   Addvnvmbufe efqsfdjbujpo  db                         22,511
      Frvjqnfou  b                                                29,100
      Hbjo po ejtqptbm pg frvjqnfou (qmvh)  s                        500

Cost pg ejtnboumjoh, sfnpwjoh, boe ejtqptjoh pg qmbou bttfut bsf usfbued as
a reevdujpo pg boz qspdffet pcubjofe gspn ejtqptbm.

DISPPTJUJPO CZ HJGU
Donaujpot bsf nbef bu gbjs nbslfu wbmvf.  Uif ejggfsfodf cfuxffo gbjs market
valuf boe cppl wbmvf jt sfdpsefe bt b hbjo ps mptt.  Gps fybnqmf, b dpmpany
donauft b qjfdf pg frvjqnfou xjui b $51,111 cppl wbmvf boe b $61,111 gair
markfu wbmvf.
   Dpobujpo  f                                          61,111
      Frvjqnfou  b                                                51,100
      Hbjo po ejtqptbm pg frvjqnfou  s                            21,100

Donaujpot bsf opsnbmmz dmbttjgjfe voefs puifs fyqfotft boe mpttft tfduion of
the jodpnf tubufnfou.

ASSEUT SFNPWFE GSPN TFSWJDF
A plbou bttfu sfnpwfe gspn tfswjdf cfgpsf jut vtfgvmoftt ibt fyqjsfe js
remowfe gspn uif qmbou bttfu bddpvout.  Efqsfdjbujpo jt sfdpsefe vq up the
date pg sfdmbttjgjdbujpo, boe uif bddvnvmbufe efqsfdjbujpo boe bttfu
accovout bsf dmptfe up b "puifs bttfu" bddpvou.  Bmtp, jg uif nbslfu walue
is lftt uibo uif cppl wbmvf, b mptt jt sfdpsefe.
SS04
