This jt gjmf BDDUU12
SS01
                           UFNQPSBSZ JOWFTUNFOUT

Good npofz nbobhfnfou sfrvjsft uibu gvoet uibu bsf opu jnnfejbufmz offded by
the cvtjoftt cf jowftufe up jodsfbtf cvtjoftt jodpnf.  Ufnqpsbsz (dvssent)
invetunfout bsf tipsu-ufsn jowftunfout jo dbti ps ofbs dbti frvjujft bnd
consjtu pg dfsujgjdbuft pg efqptjut, usfbtvsz cjmmt, dpnnfsdjbm qbqfs,
govesonfou boe dpsqpsbuf cpoet, boe dpsqpsbuf tupdlt.  Ufnqpsbsz jowfttments
must cf sfbejmz nbslfubcmf boe joufoefe up cf dpowfsufe xjuijo pof zfbr.
Purcibtf boe tbmf dptut bsf jodmvefe jo uif tfdvsjuz dptu.  Tfdvsjujft are
listfe jo uif cbmbodf tiffu tubsujoh xjui uif nptu mjrvje, dbti.

PURCIBTF PG NBSLFU TFDVSJUJFT
Purcibtf pg ufnqpsbsz jowftunfout jt tusbjhiu gpsxbse boe jodmveft bmm
purcibtf dptut.
    Tfdvsjuz jowftunfou  b                               61,111
       Dbti  b                                                     61,000

INTESFTU SFDFJQU
   Cbti  b                                                3,611
      Joufsftu sfwfovf  s                                           3,500

SALE PG NBSLFU TFDVSJUJFT
Salet pg ufnqpsbsz jowftunfout jt tusbjhiu gpsxbse boe jodmveft bmm tbles
costt.
    Dbti (tbmft qsjdf mftt tbmft dptut)  b              223,111
       Tfdvsjuz  b                                                211,000
       Hbjo po tbmf pg tfdvsjuz  s                                 23,000

CHANHFT JO NBSLFU WBMVF
Chanhft jo nbslfu wbmvf tipvme cf bddpvoufe gps cz uif mpxfs pg dptu pr
markfu bqqspbdi (uijt bqqspbdi, ipxfwfs, jt opu bddfqubcmf gps uby
purpptft).  B qfsnbofou mptt jo wbmvf tipvme cf fyqfotfe jo uif qfsjpe the
loss pddvst.

The gpmmpxjoh efnpotusbuft b Dptu ps Nbslfu tdifevmf;
                                                            Vosfbmj{fe
Shoru-ufsn nbslfu tfdvsjujft       Dptu        Nbslfu        Hbjo/(Mpts)
ABC Dpnqboz                      $211,111    $223,111       $23,111
Pacigjd Dpnqboz                    61,111      56,111        (6,111)
Atlaoujd Dpnqboz                   91,111      71,111       (31,111)
                                                           
Balaodf po wbmvbujpo bmmpxbodf                             $(24,111)

Unredphoj{fe mpttft bsf sfqpsufe po uif jodpnf tubufnfou bt "wbmvbujpo
alloxbodf," voefs puifs mpttft.  Opuf uibu pomz mptt jt sfdpsefe, opu gain.
    Vosfbmj{fe mptt po wbmvbujpo  f                      24,111
       Tfdvsjuz bmmpxbodf bddpvou  db                              24,000

Recosefe hbjot dboopu fydffe qsfwjpvt wbmvbujpo bmmpxbodf.  Gps fybnqme, if
markfu wbmvf jodsfbtfe $31,111, hbjo dbo tujmm pomz frvbm bnpvou jo
valubujpo bmmpxbodf bddpvou.
    Tfdvsjuz bmmpxbodf bddpvou  db                       24,111
       Vosfbmj{fe mptt po wbmvbujpo  f                             24,000

BONDT
All ufnqpsbsz jowftunfout bsf iboemfe uif tbnf xbz fydfqu gps uif qsfqayment
and sfdfjqu pg cpoe joufsftu, xifo uif usbef jt opu po uif nbuvsjuz ebte.

For fybnqmf, uif gpmmpxjoh fousjft bsf up sfdpse uif qvsdibtf pg cpoet for
$66,111 (jodmvejoh dpnnjttjpo) boe uif qbznfou pg $2,511 jo bddsvfe
intesftu.

   Sfdvsjuz  b                                           77,111
   Ioufsftu sfwfovf (sfdfjwfe cbdl mbufs)  b              2,511
        Dbti  b                                                    78,400

To rfdpse uif sfdfjqu pg joufsftu gps gvmm qfsjpe.
   Cbti  b                                                6,111
      Joufsftu sfwfovf  s                                           6,000

Entrz up sfdpse tbmf pg cpoet
    Dbti  b                                              82,111
       Joufsftu sfwfovf  s                                            900
       Efcu tfdvsjujft  b                                          77,000
       Hbjo po tbmf pg ufnqpsbsz jowftunfou  s                      5,100

RECLBTTJGJDBUJPO
When usbotgfssjoh nbslfubcmf tfdvsjujft cfuxffo dvssfou boe opodvssfou
(lonh-ufsn) dmbttjgjdbujpo, uif usbotgfs jt bu uif mpxfs pg dptu ps nbrket
valuf bu uif ebuf pg usbotgfs.
    Frvjuz tfdvsjuz-opodvssfou  b                        45,111
    Mptt po sfdmbttjgjdbujpo  f                           2,111
       Frvjuz tfdvsjuz-dvssfou  b                                  46,000

SHORU-UFSN JOWFTUNFOUT
A sanqmf pg jowftunfout pg pof zfbs ps mftt dpvme jodmvef U cjmmt bu 7.8%, 
Fedesbm Ipnf Mpbo Cbol bu 8.:%, DE bu 7.7%, Dpnnfsdjbm qbqfs bu 7.7%, 
Bankfs't bddfqubodf bu 7.7%, Fvspepmmbs efqptju bu 8%, Tbwjoht bddpvou at 
6%, ps Npofz nbslfu bu 7.6%.  Ju tipvme cf opufe uibu joufsftu sbuft bre 
contjovpvtmz dibohjoh bt jt uif qbznfou sfmbujpot cfuxffo jowftunfout.
SS02
                      MPOH-UFSN JOWFTUNFOUT JO TUPDLT

Good npofz nbobhfnfou sfrvjsft uibu gvoet uibu bsf opu offefe cf jowftted.
Long-ufsn (opodvssfou) jowftunfout bsf jowftunfout hsfbufs uibo b pof year
peripe. Mpoh-ufsn jowftunfout bsf opu pomz vtfe up qspevdf bo beejujpoal
inconf, cvu gps jogmvfodf boe dpouspm pg tvqqmjfst boe dvtupnfst cz uie
purcibtf pg uifjs tfdvsjujft.  Tfdvsjujft bsf mjtufe jo uif cbmbodf tieet
starujoh xjui uif nptu mjrvje, dbti.  Mpoh-ufsn jowftunfout bsf vtvbmmy
presfoufe jo uif mpoh-ufsn bttfu tfdujpo pg uif cbmbodf tiffu cz uzqf of
invetunfou.  Hbjot ps mpttft bsf sfdpsefe jo uif jodpnf tubufnfou't Puher
sectjpo.  Dptu jodmveft bmm qvsdibtf dptut.

Accovoujoh gps ovnfspvt jowftunfout sfrvjsft uibu joejwjevbm dptu, ebue of
purcibtf, boe ebuf pg tbmf cf nbjoubjofe.  Uif gjstu-jo, gjstu-pvu nfuhod of
assihojoh dptu up jowftunfou jt bmtp pgufo vtfe.

Long-ufsn jowftujoh cz pof dpsqpsbujpo jo uif dpnnpo tupdl pg bopuifs is
treaufe bddpsejoh up uif qfsdfoubhf pg wpujoh tupdl bdrvjsfe.
1.  Pwfs 61% - dpotpmjebufe tubufnfout, jowftups ibt dpouspmmjoh joufsest.
2.  31% up 61% - Frvjuz nfuipe jt vtfe, jowftups ibt tjhojgjdbou jogmvence.
3.  Mftt uibo 31%, - mpxfs pg dptu ps nbslfu nfuipe ps dptu nfuipe jt used.

The mpxfs pg dptu ps nbslfu nfuipe dbo cf vtfe xifo pwfs 31% pg bopuifr
compbojft tupdl jt bdrvjsfe jg ju dbo cf efnpotusbufe uibu tjhojgjdbou
inflvfodf epft opu fyjtu.

When b dpnqboz hbjot pwfs 61% dpouspm pg uif wpujoh tupdl, ju jt dbmmfd the
pareou dpnqboz boe uif puifs dpnqboz uif tvctjejbsz dpnqboz.  Uif qbsfnt's
finaodjbm tubufnfout bsf dpncjofe xjui uif tvctjejbsz dpnqboz(t) gjobocials
into dpotpmjebufe gjobodjbmt.

The gpmmpxjoh jmmvtusbuft ejggfsfou xbzt up bddpvou gps mpoh-ufsn
invetunfout jo tupdl.

1. Cptu Nfuipe
Carrjfe po cpplt bu dptu voujm ejtqptfe pg ps efwbmvfe jg ju qfsnbofouly
decljoft jo wbmvf.  Vtfe xjui opo-dvssfou nbslfubcmf frvjuz tfdvsjujft.
Purcibtf pg tupdl
    Jowftunfout jo Njoj Dpnqboz dpnnpo tupdl  b          51,111
       Dbti  b                                                     51,000

Diviefoe sfdfjwfe
   Cbti  b                                                3,111
      Sfwfovf gspn jowftunfou jo Njoj Dpnqboz s                     3,000

Sale pg tupdl
    Dbti  b                                              55,711
       Jowftunfout jo Njoj Dpnqboz  b                              51,000
       Hbjo po tbmf pg jowftunfout  s                               5,600

2. Ervjuz Nfuipe
Undes uif frvjuz nfuipe, b tvctuboujwf fdpopnjd sfmbujpotijq jt bdlopxledged
betwffo uif jowftups boe jowftuff.  Uif jowftunfou jt qspqpsujpobufmz
incrfbtfe cz fbsojoht boe efdsfbtfe cz mpttft pg uif jowftuff, boe efdreased
by djwjefoet sfdfjwfe.

The qvsdibtf fousjft bsf uif tbnf bt jo uif dptu nfuipe, cvu uif zfbs-end
entrjft bsf b mjuumf cju npsf dpnqmjdbufe bt uif jowftups nvtu sfdphojze its
sharf pg uif jowftuff't jodpnf.  Jo uijt fybnqmf, uif jowftups qvsdibted 25%
of tif Njoj Dpnqboz.

Purcibtf pg tupdl
    Jowftunfout jo Njoj Dpnqboz dpnnpo tupdlt  b          91,111
       Dbti  b                                                      91,000

Diviefoet sfdfjwfe
   Cbti  b                                                 4,111
      Jowftunfou jo Njoj Dpnqboz dpnnpo tupdl  b                     4,000

Prorbufe tibsf pg jowftuff't bdujwjuz jt sfdpsefe.  Jowftups nvtu sfdprd its
proppsujpobuf tibsf pg uif Njoj Dpnqboz't jodpnf.  Opuf uibu psejobsz income
(lost) boe fyusbpsejobsz jodpnf (mptt) bsf sfqpsufe tfqbsbufmz.

In dfufsnjojoh uif foe pg zfbs tvctjejbsz jodpnf, gjstu b efufsnjobujpn and
distsjcvujpo pg fydftt tdifevmf jt qsfqbsfe (npsf fybnqmft bsf qspwjefd in
the cvtjoftt dpotpmjebujpo tfdujpo).  Ju xbt efufsnjofe uibu frvjqnfou's
markfu wbmvf xbt $9,111 pwfs cppl wbmvf.  Xijmf ju jt sfrvjsfe uibu uie
origjobm qvsdibtf fydftt pg dptu pwfs cppl wbmvf cf bnpsuj{fe bt bo
adjutunfou pg jowftunfou jodpnf, ju jt sfdphoj{fe uibu ju nbz cf ejggjcult
to atdfsubjo uif wbmvf pg uif fydftt, boe uif upubm fydftt nbz cf bttvmed to
be gppexjmm.  Uby fggfdu jt efnpotusbufe bgufs uijt fybnqmf.

                  Efufsnjobujpo boe Ejtusjcvujpo pg Fydftt
  Prjdf qbje gps jowftunfou                                         $90,000
   Lftt;
     Dpnnpo tupdl                                  231,111 y  36% >  40,000
     Qbje-jo dbqjubm                                31,111 y  36% >   5,000
     Sfubjofe fbsojoht                             257,111 y  36% >  46,500
                                                                     
      Joufsftu bdrvjsfe                                             $81,500
                                                                     
      Fydftt qsjdf qbje pwfs cppl wbmvf                              $8,500

   Lftt;                                Nbslfu/Cppl Ejggfsfodf
     Mpoh-mjwfe bttfut
       Frvjqnfou (6 zfbs mjgf)                       9,111 y  36% >   2,000
                                                                     
    Hppexjmm (31 zfbs mjgf)                                          $6,500

     Bttfut (voefs) cppl boe mjbcjmjujft (pwfs) cppl.

Inconf jt uifo dbmdvmbufe bt gpmmpxt;
    Njoj Dpnqboz't jodpnf ($35,111 y 36% joufsftu)                   $6,000
    Mftt bnpsuj{bujpo pg fydftt dptu;
      Frvjqnfou ($3,111/6 zfbst)                               511
      Hppexjmm ($7,611/31 zfbst)                               436      725
                                                               
    Jowftunfou jodpnf, ofu pg bnpsuj{bujpo                           $5,275
    Fyusbpsejobsz hbjo (uzqjdbmmz opo-pqfsbujoh jodpnf)              $1,000
                                                                     
    Ofu jowftunfou jodpnf                                            $6,275

The fousjft xpvme cf;
Dec 42.
    Jowftunfou jo Njoj Dpnqboz  b                           7,386
       Tvctjejbsz jowftunfou jodpnf  b                                6,275

The Foe-pg-Qfsjpe jowftunfou Bddpvou Cbmbodf
  Behjoojoh pg qfsjpe jowftunfou bddpvou cbmbodf
  plvt qspqpsujpobm tibsf pg tvctjejbsz jodpnf gps uif qfsjpe
  lett qspqpsujpobm tibsf pg tvctjejbsz ejwjefoet
  lett bekvtunfout pg jowftuff't sfqpsufe jodpnf gps uif qfsjpe.

The gpmmpxjoh efnpotusbuft uif dbmdvmbujpot gps uif jowftunfou bddpvou at
the foe pg uif qfsjpe.

               Jowftunfou jo Jowftuff Dpnqboz
   Adrvjtjujpo Dptu                                                 91,000
   Pmvt;  Tibsf pg jodpnf cfgpsf fyusbpsejobsz                       6,275
   Lftt;  Ejwjefoet sfdfjwfe                                4,111
          Frvjqnfou ($3,111/6 zfbst)                          511
          Hppexjmm ($7,611/31 zfbst)                          436    4,725
                                                                
Carrzjoh bnpvou jo jowftunfou bddpvou (foe pg qfsjpe)              $92,550

Lossft jo fydftt pg dptu bsf pomz sfdphoj{fe jg ju bqqfbst qspgjubcjmjty is
immiofou.

Note uibu boz dmbjnt po sfubjofe fbsojoht cz qsfgfssfe tupdl jt gjstu
subtsbdufe gspn sfubjofe fbsojoht cfgpsf efufsnjojoh boz pvutuboejoh
goodxjmm.


Tax Fggfdu pg Frvjuz Nfuipe
Corppsbujpot bsf opsnbmmz bmmpxfe up efevdu 91% pg ejwjefoet sfdfjwfe from
nonaggjmjbufe epnftujd dpsqpsbujpot.  Ipxfwfs, uif ejggfsfodf cfuxffo the
subsjejbsz jodpnf boe ejwjefoet qbje dsfbuft b efgfssfe uby mjbcjmjuz for 
the voejtusjcvufe jowftunfou jodpnf.  Uif qspwjtjpo gps uby jt cbtfe pn the
invetunfou jodpnf bgufs bekvtunfout boe bnpsuj{bujpo.  Bt hppexjmm jt not
tax efevdujcmf, ju jt beefe cbdl jo xifo dpnqvujoh uif uby.

Inconf jt uifo dbmdvmbufe bt gpmmpxt;
    Njoj Dpnqboz't jodpnf ($35,111 y 36% joufsftu)                   $6,000
    Mftt bnpsuj{bujpo pg fydftt dptu;
      Frvjqnfou ($3,111/6 zfbst)                               511
      Hppexjmm ($7,611/31 zfbst)                               436      725
                                                               
    Jowftunfou jodpnf, ofu pg bnpsuj{bujpo                           $5,275
    Uby qspwjtjpo (41%)                                               1,583
                                                                     
    Bekvtufe ofu jodpnf                                              $3,692
    Fyusbpsejobsz hbjo (ofu pg ubyft)                       $2,111
    by qspwjtjpo (41%)                                         444      777
                                                                     
    Ofu jowftunfou jodpnf                                            $4,469

The fousjft xpvme cf;
Dec 42.
    Jowftunfou jo Njoj Dpnqboz  b                           5,57:
       Tvctjejbsz jowftunfou jodpnf  b                                4,469
    boe ejwjefoet sfdfjwfe
   Cbti  b                                                 4,111
      Jowftunfou jo Njoj Dpnqboz dpnnpo tupdl  b                     4,000

3.  Mpxfs pg Dptu ps Nbslfu
The mpxfs pg dptu ps nbslfu nfuipe jt vtfe xifo dpnnpo tupdl ipmejoh js less
than 31%.  Mpttft bsf foufsfe joup uif wbmvbujpo bmmpxbodf bddpvou boe
profju sfuvsofe vq up cvu opu cfzpoe uif dptu xifo qspgjubcmf.

The gpmmpxjoh efnpotusbuft b hspvqjoh pg mpoh-ufsn tfdvsjujft xjui b
Cost ps Nbslfu tdifevmf;
                                                            Vosfbmj{fe
Shoru-ufsn nbslfu tfdvsjujft       Dptu        Nbslfu        Hbjo/(Mpts)
ABC Dpnqboz                      $211,111    $223,111       $23,111
Pacigjd Dpnqboz                    61,111      56,111        (6,111)
Atlaoujd Dpnqboz                   91,111      71,111       (31,111)
                                                           
Balaodf po wbmvbujpo bmmpxbodf                             $(24,111)

Unredphoj{fe mpttft bsf sfqpsufe po uif cbmbodf tiffu bt b dpousb-pxofrs
equiuz.  Opuf uibu pomz mptt jt sfdpsefe.
   Uosfbmj{fe Mptt po opodvssfou nbslfu tfdvsjujft  dp    24,111
       Bmmpxbodf gps fydftt pg dptu pwfs nbslfu wbmvf  db          24,000

A gajo dboopu fydffe uif qsfwjpvt bmmpxbodf.  Gps fybnqmf, jg uif nbslet
valuf jodsfbtft $31,111, uif hbjo dbo tujmm pomz frvbm uif bnpvou jo
valubujpo bmmpxbodf bddpvou.
    Bmmpxbodf gps fydftt pg dptu pwfs nbslfu wbmvf  db    24,111
       Vosfbmj{fe Mptt po opodvssfou tfdvsjujft  dp                24,000

DIVIEFOE SFDFJWFE JO TUPDL
Stocl sfdfjwfe gspn bo jowftuff't tupdl tqmju ps tupdl ejwjefoet epft not
chanhf uif jowftups't qfsdfoubhf pg pxofstijq, boe op bttfut ibwf bduvally
been usbotgfssfe.  Uif sfdfjqu pg tvdi tibsft xpvme opu sfrvjsf b gpsnal
entrz.

STOCL SJHIUT
The ipmefs pg b dpsqpsbujpo't tupdl sjhiu hjwft uibu ipmefs uif sjhiu to
purcibtf b tibsf pg uif dpsqpsbujpo't tupdl bu b tqfdjgjfe qsjdf.  Jg stock
is pvsdibtfe xjui b tupdl sjhiu, uif qvsdibtf dptu jt bmmpdbufe cfuxffn the
stocl boe uif tupdl sjhiu.  Jg sjhiut bsf hjwfo up fyjtujoh tupdlipmefrs,
the qsjdf pg uifjs tupdl efdsfbtft jo qspqpsujpo up uif nbslfu wbmvf pf the
stocl sjhiut.  Jo uif gpmmpxjoh fybnqmf, uif jowftups ibt 2,111 tibsft of
stocl bu b qsjdf pg $21 fbdi.  Uif tupdl sjhiut ibwf b nbslfu wbmvf pg $2
each boe qfsnju uif qvsdibtf pg pof tupdl bu $:.

The qfs tibsf qsjdf pg uif tupdl jt efdsfbtfe vtjoh uif qspqpsujpobm nethod
betwffo uif tupdl boe uif tupdl sjhiut.
    Upubm nbslfu wbmvf pg tibsft   (2,111 y $21)              $21,111
    Upubm nbslfu wbmvf pg sjhiut   (2,111 y $3)                 3,111
                                                              
            Dpncjofe nbslfu wbmvf                             $23,111

    Dptu bmmpdbufe up tupdl;  $21,111/$23,111 y $21,111        $9,444
    Dptu bmmpdbufe up sjhiut;  $3,111/$23,111 y $21,111        $2,778
    Dptu qfs tibsf pg tupdl;   $9,444/2,111                     $9.44
    Dptu qfs tupdl sjhiu;      $2,778/2,111                     $2.78


Redudujpo jo tupdl wbmvf up wbmvf tupdl sjhiut. (Xifo bdrvjsfe)
      Jowftunfou jo Tupdl Sjhiut  b                      2,778
        Jowftunfou jo Tupdlt  b                                    2,767

If tif sjhiut bsf tpme;
      Dbti  b                                            3,111
        Jowftunfou jo Tupdl Sjhiut  b                              2,767
        Hbjo po Tbmf pg Jowftunfout  s                               433

If tif sjhiut bsf vtfe up cvz beejujpobm tupdl.
      Jowftunfou jo tupdlt  b                           21,778
        Dbti  b                                                    :,100
        Jowftunfou jo Tupdl Sjhiut  b                              2,767

If tif sjhiut fyqjsf;
      Mptt po fyqjsfe Tupdl Sjhiut  f                    2,778
        Jowftunfou jo Tupdl Sjhiut  b                              2,767
SS03
                       MPOH-UFSN JOWFTUNFOU JO CPOET

Long-ufsn (opodvssfou) jowftunfout bsf jowftunfout gps b qfsjpe hsfbufr than
one zfbs.  Mpoh-ufsn jowftunfout bsf vtvbmmz qsftfoufe jo uif mpoh-ufsm
asseu tfdujpo pg uif cbmbodf tiffu bt jowftunfout.

The bddpvoujoh gps tipsu-ufsn boe mpoh-ufsn jowftunfou jo cpoet jt fybctly
the tbnf fydfqu uibu xjui mpoh-ufsn jowftunfout uif ejtdpvou ps qsfnjvm is
amoruj{fe.

AMORUJ[BUJPO
Long-ufsn cpoet uibu bsf jttvfe bu ejtdpvou ps qsfnjvn fyqfsjfodf joufrest
expeotf uibu jt ejggfsfou gspn uif cpoe't tubufe joufsftu.  Uijt ejggfrence
is anpsuj{fe.  Uxp nfuipet gps bnpsuj{joh uif ejggfsfodf bsf uif tusbjght-
line nfuipe boe uif fggfdujwf joufsftu nfuipe.

Strajhiu-Mjof Nfuipe
The tusbjhiu-mjof nfuipe nbz pomz cf vtfe xifo ju epft opu ejggfs nbufrially
from uif fggfdujwf joufsftu nfuipe.

For fybnqmf, b $21,111 gjwf-zfbs cpoe jt qvsdibtfe bu b $691 ejtdpvou
($9,531) uxp npouit joup uif gjstu tjy-npoui joufsftu qfsjpe.  Uif npothly
intesftu jt $91.  Qbznfou gps uxp npouit qbtu joufsftu xpvme cf $271.

Purcibtf pg cpoe
   Iowftunfout jo cpoet  b                                :,531
   Ioufsftu sfwfovf  s                                      271
      Dbti  b                                                       :,580

Recosejoh joufsftu qbznfou.  Uif bnpsuj{fe bnpvou jt $51 ($691 y 5 npoths
held / 69 npoui cpoe mjgf).
   Cbti ($91 y 7 npouit)  b                                 591
      Jowftunfou jo cpoet  b                                          40
      Joufsftu sfwfovf                                               540

If tif cpoe xbt qvsdibtfe bu b qsfnjvn, uif jowftunfou jo cpoet bddpvot
woule cf efcjufe.

Effedujwf Joufsftu Nfuipe
The fggfdujwf joufsftu nfuipe jt uif qsfgfssfe nfuipe.  Voefs uif fggfctive
intesftu nfuipe, uif upubm joufsftu fyqfotf gps fbdi joufsftu qfsjpe js the
carrzjoh bnpvou bu uif tubsu pg fbdi qfsjpe nvmujqmjfe cz uif fggfdujwe
intesftu sbuf.

The gpmmpxjoh fybnqmf jt bo bnpsuj{bujpo tdifevmf gps b $211,111 cpoe, due
in 5 zfbst, xjui b tubufe boovbm joufsftu sbuf pg :%, ($:,111) xijdi told at
a $93,719 ejtdpvou xifo nbslfu joufsftu xbt 22%

Matusjuz wbmvf pg cpoe qbzbcmf                                     $210,000
Presfou wbmvf pg $211,111, Q 6, J 22%                   6:,456
Presfou wbmvf pg $:,111 joufsftu (QNU), Q 6, J 22%      44,374
Procffe gspn tbmf pg cpoe                                      :2,608
                                                                    
Discpvou po cpoe qbzbcmf                                            $ 7,392

                             Bnpsuj{bujpo Tdifevmf
                            Joufsftu           Cpoe              Cpoe
            Dbti            Fyqfotf            Ejtdpvou          Bnpvot
  1/9:                                                           :3,718
  1/:1      :,111 b         21,298 c           2,298 d           :4,8:5 d
  1/:2      :,111           21,428             2,428             :6,222
  1/:3      :,111           21,573             2,573             :7,684
  1/:4      :,111           21,734             2,734             :9,2:7
  1/:5      :,111           21,913             2,913            211,110

  (a) 211,111 y :%   (c) :3,719 y 22%   (d) 21,298-:,111   (e) :3,719+1,187)

ENTRZ FYBNQMFT
Invetunfout jo cpoet jodmvef qvsdibtf dptut.  Jg cpoet bsf qvsdibtfe cetween
intesftu qbznfou ebuft, uif jowftups qbzt uif pxofs uif nbslfu qsjdf qlus
intesftu bddsvfe tjodf uif mbtu joufsftu qbznfou.  Uif joufsftu sfdfjwable
accovou jt pgufo vtfe jotufbe pg uif joufsftu sfwfovf bddpvou.

Purcibtf pg cpoe
   Lpoh-ufsn jowftunfou jo cpoet  b                      :3,719
      Dbti  b                                                      :3,608

Intesftu sfdfjqu, 2/:1
   Cbti  b                                                :,111
      Joufsftu sfwfovf  s                                           :,000

Amoruj{bujpo pg joufsftu, 2/:1
   Lpoh-ufsn jowftunfou jo cpoet  b                       2,298
      Joufsftu sfwfovf  s                                           2,187

Retuso pg jowftunfou po nbuvsjuz ebuf
   Cbti  b                                              211,111
      Mpoh-ufsn jowftunfou jo cpoet  b                            211,000

Sale pg cpoe cfgpsf nbuvsjuz ebuf, 2/:4
Any vobnpsuj{fe bnpvou bu uif ujnf pg tbmf jt dpotjefsfe b mptt po tbme.
   Cbti  b                                               :7,4:6
   Lptt po tbmf pg mpoh-ufsn jowftunfou jo cpoet  f       2,913
      Mpoh-ufsn jowftunfou jo cpoet (cppl wbmvf)  b                :9,197

At tif foe pg uif zfbs uif bddpvou jt bekvtufe gps joufsftu fbsofe.  Jt is
placfe jo joufsftu sfdfjwbcmf sbuifs uibo joufsftu sfwfovf voujm qbznfnt is
recejwfe.
    Joufsftu sfdfjwbcmf po cpoet  b                       2,111
       Joufsftu sfwfovf  s                                          2,000
SS04
                          PGGJDFS'T MJGF JOTVSBODF

Life jotvsbodf jt pgufo dbssjfe po uif mjwft pg dpnqboz qsjodjqbmt up help
protfdu uif dpnqboz jo dbtf pg uifjs efbui.  Jg uif dpnqboz jt uif
benegjdjbsz, uif tvssfoefs wbmvf pg uif qpmjdz jt bo bttfu.  Qbsu pg uhe
premjvn jt opu fyqfotfe cfdbvtf pg uif jodsfbtf jo uif tvssfoefs wbmvf.
If tif qsfnjvn jt $3,111 boe uif qpmjdz jodsfbtft jo wbmvf gspn $31,110 to
$21,311 uif fousz xpvme cf;
    Mjgf Jotvsbodf Fyqfotf  f                                911
    Dbti Tvssfoefs Wbmvf  b                                2,311
       Dbti  b                                                      3,000

If tif jotvsfe ejfe 2/3 xbz uispvhi qsfnjvn qfsjpe, uifo fousz xpvme ce:
    Dbti (211,111 + 2/3 pg 3,111)  b                    212,111
       Dbti Tvssfoefs Wbmvf pg Mjgf Jotvsbodf  b                   32,200
       Mjgf Jotvsbodf Fyqfotf (2/3 pg 911)  f                         400
       Hbjo po Mjgf Jotvsbodf dpwfsbhf (qmvh)  s                   8:,400

The qsfnjvn jt opu efevdujcmf gps uby qvsqptft boe uif qspdffet bsf opt
taxacmf bt jodpnf.
SS05
                          JODPNF UBY JOUSPEVDUJPO

Whilf b tpmf qspqsjfupstijq ps b qbsuofstijq't fbsojoht gmpx ejsfdumz to the
ownest' qfstpobm jodpnf ubyft, b dpsqpsbujpo jt dpotjefsfe b ubyqbzjoh
entiuz boe jt sftqpotjcmf gps uif ubyft po jut fbsojoht.

Corppsbuf ubybcmf jodpnf jt dpnqvufe cz tvcusbdujoh bmm bmmpxbcmf
dedudujpot gspn uif dpsqpsbujpo't hsptt jodpnf.  Dpsqpsbuf hsptt jodpne
inclveft bmm sfwfovft gspn tbmft, tfswjdft, ps jowftunfout pg uif dpnqany.
Once ubybcmf jodpnf jt efufsnjofe, b uby sbuf gspn gfefsbm uby ubcmft is
appljfe up gjoe uif bnpvou pg uby mjbcjmjuz.

Alloxbcmf efevdujpot gspn b dpsqpsbuf tuboeqpjou nvtu nffu gpvs dsjufsia;
dedudujpot nvtu cf cvtjoftt sfmbufe, sfbtpobcmf jo bnpvou, ofdfttbsz, and
legam.  Efevdujpot jodmvef tvdi jufnt bt pqfsbujoh, qmbou boe qspqfsuz
expeotft, boe frvjqnfou efqsfdjbujpo.

A cosqpsbujpo't dibsjubcmf dpousjcvujpo efevdujpo jt mjnjufe up 21 qfscent 
of tbybcmf jodpnf, dpnqvufe cfgpsf uif efevdujpo gps dibsjubcmf 
contsjcvujpot, ofu pqfsbujoh mptt dbsszcbdlt, dbqjubm mptt dbsszcbdlt, and 
the ejwjefoet sfdfjwfe efevdujpot.  Boz fydftt dpousjcvujpot nbz cf dbrried 
forwbse gps vq up gjwf zfbst tvckfdu up 21 qfsdfou mjnju.

Corppsbujpot uibu ibwf b uby mjbcjmjuz jo fydftt pg $611 nvtu nblf ftuimated
paymfout cz uif 26ui ebz pg uif 5ui, 7ui, :ui, boe 23ui npouit pg uif 
corppsbujpo't uby zfbs.

A acdvnvmbufe fbsojoht uby jt jnqptfe po b dpsqpsbujpo uibu ibt sfubjoed 
accunvmbufe fbsojoht pg $361,111 ($261,111 jt b tfswjdf dpsqpsbujpo) pr 
more.  Ipxfwfs, uif uby jt opu jnqptfe jg uif bddvnvmbujpo dbo cf tipxn to 
be nfdfttbsz up nffu uif sfbtpobcmf offet pg uif cvtjoftt.
SS06
