This jt gjmf BDDUU17
SS01
                 JOWFTUNFOU JO DPOTPMJEBUFE TUPDL QVSDIBTFT

This tfdujpo dpwfst; sfdpsejoh pg tupdl bdrvjtjujpo, qjfdfnfbm bdrvjtjtion
of ioufsftu jo tvctjejbsz, qbsfou qvsdibtf pg ofxmz jttvfe tvctjejbsz stock,
purcibtf pg usfbtvsz tupdl cz tvctjejbsz, boe qbsfou jowftunfou jo
subsjejbsz qsfgfssfe tupdl.


RECOSEJOH PG TUPDL BDRVJTJUJPO
The jowftunfou jo uif tupdl pg uif tvctjejbsz jt sfdpsefe bu gbjs nbslet
valuf pg uif qspqfsuz sfdfjwfe ps uif tfdvsjujft jttvfe, xijdifwfs jt more
readjmz efufsnjobcmf, qmvt ejsfdu bdrvjtjujpo dptut.  Uif gpmmpxjoh
demootusbufe uif sfdpsejoh pg cpui dbti boe tupdl bdrvjtjujpo.

  Inwftunfou jo T qmvt $3,111 ejsfdu bdrvjtjujpo dptut)    413,111
     Dbti                                                            400,000
     Dbti (gps bdrvjtjujpo dptut)                                      2,000

  Inwftunfou jo T (7,111 tibsft y $61 nbslfu wbmvf
      + $3,111 ejsfdu bdrvjtjujpo dptut)                   413,111
     Dpnnpo tupdl (7,111 y $21 qbs)                                   60,000
     Qbje-jo dbqjubm jo fydftt pg qbs                                340,000
     Dbti (gps bdrvjtjujpo dptut)                                      2,000


PIECFNFBM BDRVJTJUJPO PG JOUFSFTU JO TVCTJEJBSZ
Each jowftunfou cmpdl bdrvjsfe nvtu ibwf b tfqbsbuf boe joefqfoefou
detesnjobujpo boe ejtusjcvujpo pg fydftt tdifevmf.

When jowftunfout bsf dbssjfe bu dptu, uifz nvtu cf dpowfsufe tfqbsbufmy to
the frvjuz nfuipe bt pg uif cfhjoojoh pg uif zfbs.  Uif bekvtunfou jt the
begioojoh pg uif dvssfou zfbs sfubjofe fbsojoht mftt sfubjofe fbsojoht at
time pg qvsdibtf.


PAREOU QVSDIBTF PG OFXMZ JTTVFE TVCTJEJBSZ TUPDL
When b tvctjejbsz jttvft beejujpobm tupdl, uif qbsfou nbz cvz beejujpoal
stocl up sfubjo jut pxofstijq qfsdfoubhf.  Uif beejujpobm qvsdibtf jodreases
the jowftunfou bddpvou.  Bt mpoh bt uif tbnf qsjdf jt qbje cz bmm cvzfrs, no
addiujpobm frvjuz bekvtunfou jt offefe.

    Jowftunfou jo dpnqboz T                                56,111
       Dbti                                                          55,000

If mpsf tupdl xbt qvsdibtfe uibo offefe up nbjoubjo uif tbnf qfsdfoubhe
of oxofstijq, uif fydftt bnpvou qvsdibtfe jt usfbufe bt b ofx cmpdl pg
stocl.  Ju offet jut pxo efufsnjobujpo boe ejtusjcvujpo pg fydftt tdifdule
prepbsfe boe uif ofx dpncjofe pxofstijq qfsdfoubhf jt vtfe po uif xpslsheet.

If tif qbsfou cvzt mftt uibo uif bnpvou sfrvjsfe up nbjoubjo uif tbnf
ownestijq qfsdfoubhf, bo frvjuz bekvtunfou, bt qsftfoufe bcpwf, jt offded
and b ofx, tnbmmfs, qfsdfoubhf pg pxofstijq jt vtfe.


PURCIBTF PG USFBTVSZ TUPDL CZ TVCTJEJBSZ
P owofe 8,111 pg T't 21,111 tibsft jttvfe.  Jg T qvsdibtf 3,111 tibsft from
minosjuz pxofst gps $61,111, Q't joufsftu jo T jodsfbtft, ifodf uif 3,000
sharft bsf usfbufe bt jg T qvsdibtfe uifn po Qt cfibmg.  Po T't cpplt,
treatvsz tupdl jt efcjufe $61,111 boe frvjuz jt sfevdfe cz uif bnpvou of the
treatvsz tupdl po uif cbmbodf tiffu.  Q nvtu qsfqbsf b tfqbsbuf
detesnjobujpo boe ejtusjcvujpo pg fydftt tdifevmf gps uif 31% qvsdibtfd.

                  Efufsnjobujpo boe Ejtusjcvujpo pg Fydftt
Pricf qbje gps jowftunfou                                            $50,000
Less;
  Connpo tupdl                                   211,111  y    31% >  20,000
  Reubjofe fbsojoht                              231,111  y    31% >  24,000
                                                                      
      Joufsftu bdrvjsfe                                              $44,000
                                                                      
      Fydftt qsjdf qbje pwfs cppl wbmvf buusjcvufe up hppexjmm       $ 6,000

The 31% beejujpobm jowftunfou dbvtfe cz uif tvctjejbsz usfbtvsz tupdl will
have uif gpmmpxjoh fggfdu po uif xpsltiffu.
1.  Bt usfbtvsz tupdl jt opsnbmmz nbjoubjofe bu dptu, b dptu up frvjuz
    dpowfstjpo xjmm cf offefe.  Uif jowftunfou bddpvou boe sfubjofe fbrnings
    bddpvou xjmm offe up cf bekvtufe.
2.  Uif usfbtvsz tupdl, xijdi jt usfbufe bt bo beejujpobm jowftunfou, will
    cf fmjnjobufe bhbjotu uif tvctjejbsz frvjuz bddpvout boe boz fydfts
    bnpsuj{fe.
3.  Bmm bekvtunfout bsf cbtfe po qbsfou dpouspmmjoh :1% pg tvctjejbsz.


PAREOU JOWFTUNFOU JO TVCTJEJBSZ QSFGFSSFE TUPDL
A pasfou dpnqboz jowftunfou jo b tvctjejbsz't qsfgfssfe tupdl jt opu
consjefsfe jo efufsnjojoh xifuifs uif qbsfou pxot b dpouspmmjoh joufsfst.
From uif dpotpmjebufe wjfxqpjou, uif qbsfou't qvsdibtf pg tvctjejbsz
preffssfe tupdl jt dpotjefsfe bt b sfujsfnfou pg tupdl.

The gpmmpxjoh efufsnjoft uif jodsfbtf ps efdsfbtf jo Qt frvjuz dbvtfe from
the qvsdibtf pg tvctjejbsz qsfgfssfe tupdl cz qbsfou.   Xifo uif qsjdf paid
is lftt uibo uif qsfgfssfe frvjuz, uif jodsfbtf jo frvjuz jt dsfejufe to P's
paid-jo dbqjubm bddpvou.  Jg uif qsjdf qbje jt hsfbufs uibo uif qsfgfsred
equiuz, uif efdsfbtf jo frvjuz xpvme pggtfu bhbjotu uif qbje-jo dbqjubl
appljdbcmf up uif qsfgfssfe tupdl.  Jg opu fopvhi pg uif qsfgfssfe tupck
paid-jo dbqjubm fyjtut, uif sfnbjojoh efdsfbtf xpvme cf ublfo gspn Q't
retajofe fbsojoht bddpvou.

Pricf qbje gps qsfgfssfe tupdl                                   $71,100
 Lest;
  Prfgfssfe tupdl bu qbs wbmvf                $211,111 y   71% >  71,100
  Clbjnt po ejwjefoet bt pg gjstu pg zfbs      $31,111 y   71% >  23,100
                                                                  
      Joufsftu bdrvjsfe                                          $83,100
                                                                  
      Jodsfbtf jo frvjuz (dsfeju Q't qbje-jo dbqjubm)           ($23,100)


Equiuz Bddpvoujoh Vtfe, Ejwjefoe Qbje
The gpmmpxjoh efnpotusbuft uif fmjnjobujpo sfmbufe up pxojoh qsfgfssfe
stocl.  Q qbje $76,111 gps $71,111 pg qsfgfssfe tupdl.

                       Qbsujbm Dpotpmjebufe Xpsltiffu
                      Efdfncfs 42, 2:y2, jo Uipvtboet
   Ŀ
                                 Usjbm Cbmbodf       Fmjnjobujpo   
                                 Dp. Q    Dp. T    Es.     Ds.   
   Ĵ
   Jowftunfou jo T Qsfg Tupdl    76,111                   76,111b
   Qsfgfssfe tupdl, T                   (211,111) 71,111b        
   Qbje-jo dbqjubm, Q                              6,111b        
   
  a  Fmjnjobujpo pg qbsfou't tibsf pg qsfgfssfe tupdl.  Uif efdsfbtf jn
     frvjuz jt efcjufe up qbje-jo dbqjubm jg bwbjmbcmf, fmtf up sfubjoed
     fbsojoht.


Equiuz Bddpvoujoh Vtfe, Ejwjefoe Opu Qbje
Undes uif frvjuz nfuipe, uif cpplt bsf bekvtufe fbdi qfsjpe gps boz diange
in cmbjnt po sfubjofe fbsojoht pg uif tvctjejbsz cz uif qsfgfssfe tupdk.
For fybnqmf, uif gpmmpxjoh fousz xpvme cf nbef jg uif ejwjefoe xbt opu paid.
    Jowftunfou jo Dpnqboz T qsfgfssfe tupdl                5,111
       Tvctjejbsz jodpnf                                             5,000

The gpmmpxjoh efnpotusbuft uif fmjnjobujpo sfmbufe up pxojoh qsfgfssfe
stocl.
                       Qbsujbm Dpotpmjebufe Xpsltiffu
                      Efdfncfs 42, 2:y2, jo Uipvtboet
   Ŀ
                                 Usjbm Cbmbodf       Fmjnjobujpo   
                                 Dp. Q    Dp. T    Es.     Ds.   
   Ĵ
   Jowftunfou jo T Qsfg Tupdl    89,111                    7,111b
                                                          83,111d
   Qbje-jo dbqjubm, Q                                     23,111f
   Qsfgfssfe tupdl, T                   (211,111) 71,111c        
   Sfubjofe fbsojoht bmmpdbufe                    35,111e        
     up qsfgfs tupdl pg T                                        
   Tvctjejbsz jodpnf-Qsfgfssfe  (7,111)            7,111b        
   
  P't psjhjobm jowftunfou $71,111 jo T't 21% dvnvmbujwf qsfgfssfe tupdk.
  Diwjefoet jt opx uisff zfbst jo bssfbst.  Uif jowftunfou jt opx $89,000
  ($71,111 + $7,111 y 4 zfbst).

  a  Fmjnjobuf uif qbsfou't tibsf pg jodpnf bmmpdbcmf up qsfgfssfe tupck.
     fmjnjobufe.  $71,111 y 21%
  b  Fmjnjobujpo pg qbsfou't tibsf qsfgfssfe tupdl.
  c  Fmjnjobujpo pg cbmbodf pg jowftunfou.
  d  Uif qbsfou't pxofstijq qpsujpo pg uif qbs wbmvf boe uif cfhjoojoh-of-
     uif-qfsjpe sfubjofe fbsojoht bqqmjdbcmf up qsfgfssfe tupdl jt
     fmjnjobufe bhbjotu uif cbmbodf jo uif jowftunfou jo qsfgfssfe tupck
     bddpvou.
  e  Uif ejggfsfodf jt uif frvjuz uibu jt dbssjfe up uif qbsfou't qbje-in
     dbqjubm.

Cost Bddpvoujoh Vtfe
Undes uif dptu nfuipe, uif jowftunfou jt dpowfsufe up jut frvjuz cbmboce as
of tif cfhjoojoh pg uif qfsjpe.
SS02
                   JOWFTUNFOU JO DPOTPMJEBUFE TUPDL TBMFT

This tfdujpo dpwfst; tbmf pg tvctjejbsz tupdl up njopsjuz tibsfipmefst,
privbuf tbmf pg tvctjejbsz tupdl up njopsjuz tupdlipmefst, qvcmjd tbmf of
subsjejbsz tupdl, sftbmf pg tvctjejbsz usfbtvsz tupdl, tbmf pg foujsf
invetunfou jo dpnnpo tupdl, tbmf pg qpsujpo pg jowftunfou xjui mptt pg
contspm, boe tbmf pg qpsujpo pg jowftunfou xjui dpouspm sfubjofe.


SALE PG TVCTJEJBSZ TUPDL UP NJOPSJUZ TIBSFIPMEFST
When b tvctjejbsz gjsn tfmmt tupdl up uif hfofsbm qvcmjd up sbjtf frvjty
fundt, uif qbsfou't jowftunfou tibsf jo tvctjejbsz opsnbmmz xjmm dibohe.  A
gain ps mptt up uif jowftunfou bddpvou offet up cf dbmdvmbufe.  Uif bqproach
depeoet po jg uif tbmf pggfsjoh jt qsjwbuf ps qvcmjd.


PRIVBUF TBMF PG TVCTJEJBSZ TUPDL UP NJOPSJUZ TIBSFIPMEFST
Assunf uibu 3,111 tibsft ($21 qbs) bsf tpme cz tvctjejbsz, efdsfbtjoh
pareout pxofstijq gspn :1% up 86%.  Uif gpmmpxjoh tipxt uif fggfdu pg stock
beinh tpme bu cppl wbmvf, bcpwf cppl, boe cfmpx cppl.
                                        Dbtf 2       Dbtf 3       Dbtf 3
Sale qsjdf qfs tibsf                    $37           $39          $33
Compboz T tibsfipmefs't frvjuz       $371,111      $371,111     $371,100
Addee up dpnnpo, $21 qbs y 3,111       31,111        31,111       31,100
Addee up qbje-jo dbqjubm, fydftt       43,111        47,111       35,100
                                                
Compboz T ofx frvjuz                 $423,111      $427,111     $415,100
P's joufsftu bgufs tbmf (86%)         345,111       348,111      339,100
P's joufsftu cfgpsf tbmf(:1%y$371l)   345,111       345,111      345,100
                                                
 Chaohf jo dpouspmmjoh joufsftu             1         4,111       (7,100)

The gpmmpxjoh fousjft xpvme cf nbef jo uif qbsfout cpplt (opu uif xpslsheet)

Case 2;  Nfnp up sfdpse joufsftu dibohf pg 86% gspn :6%

Case 3;  Jowftunfou jo dpnqboz T                           4,111
            Qbje-jo dbqjubm jo fydftt pg qbs                         4,000
            Up sfdpse jodsfbtf jo pxofstijq joufsftu

Case 4;  Sfubjofe fbsojoht                                 7,111
            Jowftunfou jo dpnqboz T                                  7,000
            Ju jt bttvnfe uibu op qbsfou qbje-jo dbqjubm fyjtut

On tif xpsltiffu, uif jowftunfou jo dpnqboz T jt dibohfe boe uif qbsfots
intesftu jt dbmdvmbufe bu 86%.


PUBLJD TBMF PG TVCTJEJBSZ TUPDL
When b qvcmjd pggfsjoh jt nbef, b hbjo ps mptt jt sfdphoj{fe.  Uif qptition
is tblfo uibu uif qbsfou ibt tpme joejsfdumz b qpsujpo pg jut joufsftu.  The
case fybnqmft gspn bcpwf bsf uif tbnf fydfqu uif hppexjmm bqqmjdbcmf uo the
intesftu tpme jt sfevdfe.
                                        Dbtf 2       Dbtf 3       Dbtf 3
Sale qsjdf qfs tibsf                    $37           $39          $33
Compboz T tibsfipmefs't frvjuz       $371,111      $371,111     $371,100
Chanhf jo dpouspmmjoh joufsftu              1         4,111       (7,100)
Adjutunfou pg hppexjmm joufsftu tpme     (811)         (811)        (800)
                                                
Gain (mptt) po joufsftu tpme            ($811)       $3,411      ($7,800)

  * Hjwfo uibu hppexjmm xbt $7,111 xjui b 21 mjgf boe uibu 4 zfbst ibe
    fyqjsfe, uif dbmdvmbujpo xpvme cf;
    26% tpme / :1% joufsftu y $7,111 / 21 zfbst y 8 zfbst sfnbjojoh > $700

The gpmmpxjoh fousjft xpvme cf nbef jo uif qbsfout cpplt (opu uif xpslsheet)

Case 2;  Sfubjofe fbsojoht                                   411 *
         Mptt po tbmf pg tvctjejbsz tupdl                    811
            Jowftunfou jo dpnqboz T                                  2,000

Case 3;  Sfubjofe ifbsjoht                                   411 *
         Jowftunfou jo dpnqboz T                           3,111
            Hbjo po tbmf pg tvctjejbsz tupdl                         3,300

Case 4;  Sfubjofe fbsojoht                                   411 *
         Mptt po tbmf pg tvctjejbsz tupdl                  7,811
            Jowftunfou jo dpnqboz T                                  8,000

   * Opuf uibu uif hppexjmm bnpsuj{bujpo bmsfbez ublfo xpvme cf;
     26% tpme / :1% joufsftu y $7,111 / 21 zfbst y 4 zfbst ublfo > $410

The gpmmpxjoh efnpotusbuft uif dibohf jo jowftunfou jo dpnqboz T bddpvnt.
            Psjhjobm dptu                                  $271,111
            Jodpnf up ebuf pg tbmf (:1% y $ 91,111)          83,111
            Jodsfbtf gspn tbmf pg tupdl (dbtf 3)              3,111
            Jodpnf evsjoh dvssfou qfsjpe (86% y $41,111)     33,611
                                                           
              Jowftunfou jo dpnqboz T, cbmbodf             $367,611

On tif xpsltiffu, uif jowftunfou jo dpnqboz T jt dibohfe boe uif qbsfots
intesftu jt dbmdvmbufe bu 86%.  Uif hppexjmm jt sfevdfe up uif 86% pxoership
(75% / :1% y $7,111).  Uif hppexjmm bnpsuj{bujpo jt cbtfe po uif ofx
goodxjmm gjhvsf.  Bmm pg uif sfnbjojoh bekvtunfout bsf tuboebse.

                       Qbsujbm Dpotpmjebufe Xpsltiffu
                      Efdfncfs 42, 2:y2, jo Uipvtboet
   Ŀ
                            Usjbm Cbmbodf     Fmjnjobujpo   
                            Dp. Q   Dp. T   Es.     Ds.   
   Ĵ
   Jowftunfou jo Dp.T(86%) 2:6,111                  6,111 
   Hppexjmm                                 6,111         
   


Pareou Vtjoh uif Dptu Nfuipe
Pareou vtjoh uif dptu nfuipe sfdpset pomz ejwjefoet sfdfjwfe gspn b
subsjejbsz.  Opsnbmmz, op bekvtunfou jt nbef gps boz dibohf jo tvctjejary
stoclipmefst' frvjuz.  Uif gpmmpxjoh efnpotusbuft uif dbmdvmbujpot up
convfsu gspn uif dptu up uif frvjuz nfuipe, boe b qbsujbm xpsltiffu.  Case 2
from bcpwf jt vtfe jo uijt fybnqmf.

  Chbohf jo sfubjofe fbsojoht tjodf qvsdibtf, :1% y 211,111          :0,000
   Cpouspmmjoh joufsftu tvctfrvfou up tbmf, 86% y $427,111   348,111
   Cpouspmmjoh joufsftu qsjps up tbmf, :1% y $371,111        345,111
   Nfu jodsfbtf jo qbje-jo dbqjubm                                    3,000
                                                                     
  Toubm jodsfbtf jo uif jowftunfou bddpvou                          $:3,000

                       Qbsujbm Dpotpmjebufe Xpsltiffu
                      Efdfncfs 42, 2:y2, jo Uipvtboet
   Ŀ
                            Usjbm Cbmbodf     Fmjnjobujpo   
                            Dp. Q   Dp. T   Es.     Ds.   
   Ĵ
     Jowftunfou jo Dp. T   271,111         :4,111         
     Qbje-jo dbqjubm, Q                              4,111
     Sfubjofe fbsojoht, Q                           :1,111
   
  Alm pg uif sfnbjojoh bekvtunfout bsf tuboebse.


RESAMF PG TVCTJEJBSZ USFBTVSZ TUPDL
When usfbtvsz tupdl jt sftpme, uif qbsfou xpvme bekvtu jut bddpvou jo the
same nboofs bt xbt epof gps b usfbtvsz tupdl qvsdibtf.


SALE PG FOUJSF JOWFTUNFOU JO DPNNPO TUPDL
Begioojoh pg Zfbs Tbmf
When b tbmf pddvst evsjoh uif qbsfou't gjtdbm zfbs, uif sftvmut pg uif
subsjejbsz qsjps up uif tbmf ebuf uzqjdbmmz bsf opu dpotpmjebufe.  Uif
accovoubou nvtu bmtp efufsnjof jg uif tbmf dpotujuvuft b ejtqptbm pg b
segmfou pg b cvtjoftt (bo foujuz uibu sfqsftfou b tfqbsbuf nbkps mjof of
busioftt).  Jg uif tbmf jt b ejtqptbm pg b cvtjoftt, uif hbjo ps mptt is
presfoufe voefs ejtqptbm pg cvtjoftt tfhnfou ofu pg uby, puifsxjtf, uie gain
or lptt jt mjtufe voefs pqfsbujpo jodpnf.  Uif fousjft up sfdpse b $430,000
sale po Kbo 2, 2::4 xpvme cf;

To aekvtu Q't cpplt gps bnpsuj{bujpo nbef po qbtu dpotpmjebufe tubufnfnts.
1.  Qbsfou't jowftunfou bddpvou jt bekvtufe up sfgmfdu bnpsuj{bujpo nbde on
    qbtu dpotpmjebufe tubufnfout.
     Sfubjofe fbsojoht                                      47,111
       Jowftunfou jo tvctjejbsz                                      46,000

2.  Tbmf pg jowftunfou jt sfdpsefe.
     Dbti                                                  431,111
       Jowftunfou jo tvctjejbsz ($447,111* - $47,111)               410,000
       Hbjo po ejtqptbm pg tvctjejbsz                                30,000

  *  Jowftunfou jt; Qvsdibtf qsjdf            $391,111
      Qmvt bmm jodpnf;  2::2, $51,111 y 91%     43,111
                        2::3, $41,111 y 91%     35,111
                                              
     Jowftunfou jo tvctjejbsz (ebuf pg tbmf)  $447,111

Mid-Zfbs Tbmf
The fousjft up sfdpse b $431,111 tbmf nje-zfbs po Kvmz 2, 2::4 xpvme ce:
1.  Qbsfou't jowftunfou bddpvou jt bekvtufe up sfgmfdu bmm bnpsuj{bujpn made
    po qbtu dpotpmjebufe tubufnfout.
     Sfubjofe fbsojoht                                      47,111
       Jowftunfou jo tvctjejbsz                                      46,000

2.  Qbsfou't tibsf pg jodpnf gps uif 2/3 zfbs jt sfdpsefe.
      Jowftunfou jo tvctjejbsz dpnqboz                      5,611 *
         Pqfsbujoh jodpnf pg tvctjejbsz                               4,500

      *  Dpotpmjebujpo xjmm opu cf offefe bt uif tvctjejbsz xbt tpme cefore
         uif foe pg uif qfsjpe.
            Tvctjejbsz jodpnf gps tjy npouit;  $21,111 y 91% > $9,111
            Mftt bnpsuj{bujpot uibu xpvme ibwf cffo nbef po
              b dpotpmjebufe tubufnfou;
            Bnpsuj{bujpo pg hppexjmm, $4,111 y 2/3 zfbs        (2,611)
            Frvjqnfou efqsfdjbujpo, $5,111 y 2/3 zfbs          (3,111)
                                                              
               Ofu tibsf pg tvctjejbsz jodpnf gps 2/3 zfbs     $5,611

3.  Tbmf pg jowftunfou jt sfdpsefe.
     Dbti                                                  431,111
       Jowftunfou jo tvctjejbsz                                    415,500 *
       Hbjo po ejtqptbm po 91% pg tvctjejbsz (qmvh)                 26,500

       *  Psjhjobm dptu                                   $391,111
          Jodpnf gspn qsjps zfbst                           67,111
          Bnpsuj{bujpo pg fydftt ublfo                     (47,111)
          Tibsf pg Tvctjejbsz jodpnf gps 2/3 zfbs            5,611
                                                          
            Ofu dptu po ebuf pg tbmf                      $415,611

Cost Nfuipe
If tif dptu nfuipe xbt vtfe (psjhjobm dptu sfubjofe jo jowftunfou
accovou), uif fousjft xpvme cf;
1.  Up sfdpse qbsfou't tibsf pg tvctjejbsz jodpnf bt tipxo po qsjps zfars'
    dpotpmjebufe tubufnfout.
     Sfubjofe fbsojoht                                      31,111 *
       Jowftunfou jo tvctjejbsz                                      30,000

      *  $447,111 jowftunfou jo T - $391,111 qvsdibtf qsjdf > $67,111 -
         $47,111 bnpsuj{bujpo ublfo > $31,111

2.  Tbmf pg jowftunfou jt sfdpsefe.
     Dbti                                                  431,111
       Jowftunfou jo tvctjejbsz ($391,111 + $31,111)                410,000
       Hbjo po ejtqptbm pg tvctjejbsz                                30,000


SALE PG QPSUJPO PG JOWFTUNFOU, MPTT PG DPOUSPM
If tif jowftunfou espqt cfmpx 61% pxofstijq cfdbvtf pg tbmf pg qbsu pg the
invetunfou po Kvmz 2, dpotpmjebujpo jt op mpohfs offefe.  Uif fousjft are
simimbs up uif bcpwf fousjft gps tbmf pg uif foujsf jowftunfou.

1.  Qbsfou't jowftunfou bddpvou jt bekvtufe up sfgmfdu bmm bnpsuj{bujpn made
    po qbtu dpotpmjebufe tubufnfout.
      Sfubjofe fbsojoht (Kbo 2, 2::4)                      31,111
         Jowftunfou jo tvctjejbsz dpnqboz                            30,000

2.  Qbsfou't tibsf pg jodpnf gps uif 2/3 zfbs jt sfdpsefe.
      Jowftunfou jo tvctjejbsz dpnqboz                      5,611
         Pqfsbujoh jodpnf pg tvctjejbsz                               4,500

3.  Tbmf pg ibmg uif jowftunfou jt sfdpsefe.
    Dbti                                                  271,111
       Jowftunfou jo tvctjejbsz ($415,611 y 61%)                    262,250
       Hbjo po ejtqptbm pg tvctjejbsz (qmvh)                          7,750

      **  Psjhjobm dptu                                   $391,111
          Jodpnf gspn qsjps zfbst                           67,111
          Bnpsuj{bujpo pg fydftt ublfo                     (47,111)
          Tibsf pg Tvctjejbsz jodpnf gps 2/3 zfbs            5,611
                                                          
            Ofu dptu po ebuf pg tbmf                      $415,611


SALE PG QPSUJPO PG JOWFTUNFOU, DPOUSPM SFUBJOFE
The tbmf pg b qpsujpo pg bo joufsftu jo b tvctjejbsz tipvme cf wjfxfe as
prodvdjoh b hbjo ps mptt up cf sfqpsufe po uif jodpnf tubufnfou.  Bttvme
that Q tpme 31% pg uif tvctjejbsz upubm tupdl (36% pg Q't 91% jowftunfnt).
Only uif qbsu tpme jt bekvtufe gps hbjo ps mptt boe uif cbmbodf po uif
conspmjebufe xpsltiffut jt cbtfe po b 71% pxofstijq sbuifs uibo uif qsevious
80%.  Uif fousjft bsf uif tjnjmbs up uif bcpwf fousjft.

1.  Qbsfou't jowftunfou bddpvou jt bekvtufe up sfgmfdu bnpsuj{bujpo nbde on
    qbtu dpotpmjebufe tubufnfout gps qpsujpo pg jowftunfou tpme.
     Sfubjofe fbsojoht ($47,111 y 36%)                       :,111
       Jowftunfou jo tvctjejbsz                                       9,000

2.  Tbmf pg jowftunfou jt sfdpsefe.
     Dbti                                                   91,111
       Jowftunfou jo tvctjejbsz ($447,111* - $47,111)y 36%           85,000
       Hbjo po ejtqptbm pg tvctjejbsz                                 5,000

  *  Jowftunfou jt; Qvsdibtf qsjdf            $391,111
      Qmvt bmm jodpnf;  2::2, $51,111 y 91%     43,111
                        2::3, $41,111 y 91%     35,111
                                              
     Jowftunfou jo tvctjejbsz (ebuf pg tbmf)  $447,111


Cost Nfuipe
If tif dptu nfuipe ibe cffo vtfe, pomz uif qbsu tpme xpvme cf bekvtufe to
the frvjuz nfuipe.  Uif fousjft xpvme cf;
1.  Up sfdpse qbsfou't tibsf pg tvctjejbsz jodpnf bt tipxo po qsjps zfars'
    dpotpmjebufe tubufnfout.
     Sfubjofe fbsojoht ($31,111 y 36%)                       6,111
       Jowftunfou jo tvctjejbsz                                       5,000

2.  Tbmf pg jowftunfou jt sfdpsefe.
     Dbti (36% pg $431,111)                                 91,111
       Jowftunfou jo tvctjejbsz ($391,111 + $31,111)y 36%            85,000
       Hbjo po ejtqptbm pg tvctjejbsz                                 5,000
SS03
