FORM 4
[ ] Check this box if no longer subject
to Section 16. Form 4 or Form 5
obligations may continue. See
Instructions 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Abrams Edward M.
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(Last) (First) (Middle)
c/o Abrams Industries, Inc., 1945 The Exchange, Suite 300
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(Street)
Atlanta Georgia 30339-2029
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(City) (State) (Zip)
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2. Issuer Name and Ticker or Trading Symbol
Abrams Industries, Inc. (ABRI)
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
December 1997
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5. If Amendment, Date of Original (Month/Year)
_______________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[x] 10% Owner
[x] Director
[x] Officer (give title below)
[ ] Other (specify below)
Chairman
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_______________________________________________________________________________
Page 2
FORM 4 (continued)
<TABLE>
<CAPTION>
TABLE I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. 2. 3. 4. 5. 6. 7.
- --------------------- -------- ---------- ------------------------------ ----------- ---------- ----------
Amount of Owner-
Securities ship
Trans- Trans- Securities Acquired (A) Beneficially Form:
action action or Disposed of (D) Owned at Direct Nature of
Date Code (Instr. 3, 4 and 5) End of (D) or Indirect
Title of (Month/ (Instr. 8) ---------------------------- Month Indirect Beneficial
Security Day/ ---------- Amount (A) or Price (Instr. (I) Ownership
(Instr. 3) Year) Code V (D) 3 and 4) (Instr. 4) (Instr. 4)
- --------------------- -------- ---- ---- ----------- ------ --------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock <F1> 12-15-97 J 321,617 (D) 247,785 D
Common Stock <F1> 12-15-97 J 499.2 (A) 249.6 I By LLC
Common Stock <F2> 12-22-97 G 249.6 (D) 249.6 I By LLC
Explanation of Responses:
<FN>
<F1>On December 15, 1997, Mr. Abrams contributed 321,617 shares
of Common Stock of the Issuer to Abrams Partners, L.P., a
Georgia limited partnership (the "Partnership"), in exchange
for a limited partnership interest in the Partnership. At the
time of Mr. Abrams' contribution, the Common Stock of the Issuer
was valued at $8.00 per share. The only assets of the Partnership
are 500,000 shares of the Common Stock of the Issuer collectively
contributed by Mr. Abrams and the other limited partners of the
Partnership and $5,000 cash contributed by the general partner.
Based upon the valuation of the stock at the time of its contribution,
Mr. Abrams held a 64.2% interest in the Partnership as a limited partner.
The general partner of the Partnership is Abrams Management Company, a
Georgia limited liability company ("Abrams Management"), of which
Mr. Abrams is a member. At December 15, 1997, Abrams Management
held a 0.12% interest in the Partnership. As a result, Abrams Management
is deemed to be the beneficial owner of 0.12%, or 624 shares, of the
Common Stock of the Issuer that is owned by the Partnership and
Mr. Abrams, as an 80% owner of Abrams Management, is deemed to be
the indirect beneficial owner of 499.2 of such shares.
<F2>On December 22, 1997, Mr. Abrams gave half of his ownership
interest in Abrams Management to his two adult children, thereby
reducing his ownership interest in Abrams Management from 80%
to 40%. As a result of this bona fide gift, Mr. Abrams'
beneficial ownership of shares of Common Stock of the Issuer,
as beneficially owned by Abrams Management, was reduced from
499.2 shares to 249.6 shares. At the time of the transfer,
the Common Stock of the Issuer was valued at $7.63 per share.
</FN>
</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
<PAGE>
Page 3
FORM 4 (continued)
<TABLE>
<CAPTION>
TABLE II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.
- ---------- -------- -------- -------- ---------- ------------ -------------- ------ ---------- --------- ----------
Title and Ownership
Number of Date Exer- Amount of Form of
Derivative cisable and Underlying Number of Deriv-
Securities Expiration Securities Price Derivative ative
Conver- Trans- Acquired (A) Date (Month/ (Instr. 3 of Securities Security:
sion or Trans- action or Disposed Day/Year) and 4) Deriv- Benefi- Direct
Exercise action Code of (D) -------------- -------------- ative cially (D) or Nature of
Title of Price of Date (Instr. (Instr. 3, Date Amount Secur- Owned at Indirect Indirect
Derivative Deriv- (Month/ 8) 4 and 5) Exer- Expir- or Num- ity End of (I) Beneficial
Security ative Day/ -------- ---------- cis- ation ber of (Instr. Month (Instr. Ownership
(Instr. 3) Security Year) Code V (A) (D) able Date Title Shares 5) (Instr. 4) 4) (Instr. 4)
- ---------- -------- -------- ---- --- ---- ---- ------- ----- ----- ------ ------ ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
</TABLE>
/s/ Edward M. Abrams 01/8/98
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** Signature of Reporting Person Date
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
