              SALE-LEASEBACK ANALYSIS                                           
                                                                                
THE SITUATION FOR THIS PROGRAM IS THE FOLLOWING: AN OWNER OF A                  
PIECE OF PROPERTY NEEDS TO RAISE SOME MONEY AND NEEDS THE USE                   
OF THE PROPERTY. HE CAN SELL THE PROPERTY TO THE INVESTOR AND                   
THEN LEASE IT BACK(SALE-LEASEBACK) OR HE CAN JUST BORROW THE                    
MONEY AS A MORTGAGE ON THE PROPERTY.                                            
                                                                                
THERE ARE VARIOUS TAX AND OTHER RAMIFICATIONS OF THE TWO                        
SITUATIONS WHICH THIS PROGRAM HELPS ANALYZE.                                    
                                                                                
PRESS <ENTER> TO CONTINUE?                                                      
ENTER PRESENT VALUE OF PROPERTY(SALE OR MORTGAGE AMT)? 100000                   
ENTER TERM OF THE LEASE OR MORTGAGE IN YEARS         ? 30                       
ENTER ANNUAL INTEREST RATE FOR LEASE IN %            ? 10                       
ENTER ANNUAL INTEREST RATE FOR MORTGAGE IN %         ? 4                        
ENTER CORPORATE TAX RATE IN %                        ? 15                       
ENTER TOTAL DEPRECIATION OVER TERM OF LEASE/MORTGAGE ? 5000                     
                                                                                
                                                                                
                                                                                
                 COMPUTING                                                      
PRESENT VALUE OF PROPERTY                    100000.00                          
TERM OF LEASE OR MORTGAGE(YEARS)                 30.00                          
ANNUAL INTEREST RATE FOR LEASE (%)               10.00                          
ANNUAL INTEREST RATE FOR MORTG (%)                4.00                          
CORPORATE TAX RATE (%)                           15.00                          
TOTAL DEPRECIATION FOR TERM OF LOAN            5000.00                          
                                                                                
PRESS ENTER TO CONTINUE?                                                        
                                                                                
ANNUAL LEASE RENTAL                           10443.83                          
TOTAL LEASE PAYMENTS TO TERM                 313314.81                          
TOTAL LEASE TAX DEDUCTIONS                    46997.22                          
TOTAL ACTUAL COST OF LEASE TO TERM           266317.59                          
                                                                                
PRESS ENTER TO CONTINUE?                                                        
                                                                                
ANNUAL MORTGAGE PAYMENT                        5728.98                          
TOTAL MORTGAGE PAYMENTS TO TERM              171869.51                          
TOTAL MORTGAGE INTEREST PAID                  71869.51                          
TOTAL MORTGAGE TAXABLE EXPENSES               76869.51                          
TOTAL MORTGAGE TAX DEDUCTION                  11530.43                          
TOTAL MORTGAGE COSTS AFTER TAXES             160339.08                          
                                                                                
                                                                                
LEASE COSTS MORE THAN MORTGAGE BY            105978.51                          
                                                                                
PRESS ENTER TO CONTINUE? -1                                                     
