THE SCOTT LAW FIRM, P.A.
                              5121 Sarazen Drive
                             Hollywood, FL  33021

                                (954) 964-1546
                           Facsimile (954) 964-1548 

                                                  August 10, 1998


Ashley Capital Management, Inc.
General Partner
Atlas Futures Fund, Limited Partnership
5916 N. 300 West
Fremont, Indiana 46737

Re:  REGISTRATION STATEMENT ON FORM S-1

Dear General Partner:

          We have acted as your counsel in connection with the preparation and
filing with the Securities and Exchange Commission under the Securities Act of
1933, as amended, of the Registration Statement on Form S-1 filed with the
Securities and Exchange Commission on or about August 11, 1998, (the
"Registration Statement") relating to Units of Limited Partnership Interest 
("Units") of Atlas Futures Fund, Limited Partnership (the "Partnership"), a 
limited partnership organized under the laws of the state of Delaware.

          We have reviewed such data, documents, questions of law and fact 
and other matters as we have deemed pertinent for the purpose of this 
opinion. Based upon the foregoing, we hereby confirm our opinion expressed 
under the caption "Federal Income Tax Aspects" in the Prospectus (the 
"Prospectus") constituting a part of the Registration Statement that: (i) the 
Partnership will be treated as a partnership for federal income tax purposes 
(assuming that substantially all of the gross income of the Partnership will 
constitute "qualifying income" within the meaning of section 7704(d) of the 
Internal Revenue Code of 1986, as amended)(the "Code")); and (ii) the 
allocations of profits and losses made when Unitholders redeem their Units 
should be upheld for federal income tax purposes; (iii) based upon the 
contemplated trading activities of the Partnership, the Partnership should 
be treated as engaged in the conduct of a trade or business for federal 
income tax purposes, and, as a result, the ordinary and necessary business 
expenses incurred by the Partnership in conducting its commodity futures 
trading business should not be subject to limitation under section 67 or 
section 68 of the Code; (iv) the Profit Share should be respected as a 
distributive share of the Partnership's income allocable to Atlas Futures 
Fund, Limited Partnership; and (v) the contracts traded by the Partnership, 
as described in the Prospectus, should satisfy the commodities trading safe 
harbor as described in section 864(b) of the Code.

          We also advise you that in our opinion the description set forth under
the caption "Federal Income Tax Aspects" in the Prospectus correctly describes
(subject to the uncertainties referred to therein) the material aspects of the
United States 


Atlas Futures Fund, Limited partnership
August 10, 1998
Page 2


federal income tax treatment to United States individual investors, as of the 
date hereof, of an investment in the Partnership.

          This opinion speaks as of the date hereof, and we assume no 
obligation to update this opinion as of any future date.  This opinion shall 
not be used for any purpose without our written consent.  We hereby consent 
to the filing of this opinion as an Exhibit to the Registration Statement and 
to all references to our firm included in or made a part of the Registration 
Statement.

                                   Very truly yours,


                                   s/ William S. Scott
                                   William Sumner Scott
                                   For the Firm

The Scott Law Firm, P.A.
5121 Sarazen Drive
Hollywood, FL  33021

(954) 964-1546
facsimile (954) 964-1548

WSS/lf