| Company |
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| Deferred Gain
Calculation |
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| 12/31/2007 |
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| SALE DATE:
8/4/07 |
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| Gross Proceeds
From Sale: |
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10,000.00 |
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| Net Book
Value: |
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5,000.00 |
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| Gain: |
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5,000.00 |
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| Gross Profit %
= Gain / Gross Proceeds: |
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0.500000 |
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| Cash received
at closing; |
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2,000.00 |
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(All received on building; zero |
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received for Covenant) |
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x |
0.674135 |
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| Recognized
Gain |
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1,348.27 |
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| Deferred Gain
on Bldg: (total - recognized gain) |
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3,651.73 |
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| Deferred Gain
on Covenant: |
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500.00 |
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Total Deferred Gain Before payments
received on note: |
4,151.73 |
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| Gain on
principal payments received in 1998: |
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| Loan: |
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Balance on Building --> Capital
Gain |
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35,000.00 |
28% |
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Covenant -->
Ordinary Income |
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90,000.00 |
72% |
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Total |
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125,000.00 |
100% |
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| Principal
Payments received: |
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4271.83 |
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Capital Gain
Portion |
28% |
1196.11 |
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Ordinary Income
Portion |
72% |
3075.72 |
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| Amount to
reduce Deferred Gain & recognize on
I/S: |
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| Capital
gain portion * Gross Profit % |
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598.06 |
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| Total
Ordinary Income Portion |
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3075.72 |
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Total Deferred Gain
recognized: |
3673.78 |
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8/98 Deferred
Gain |
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4,151.73 |
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12/98 recognized deferred
gain |
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3,673.78 |
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Deferred Gain Balance at
12/31/98: |
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477.95 |
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