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June 30, 1987. In his response letter dated August 17, 1987, Mr.
Bricker asked Mr. Dooley "whether there may be some basis coming
up perhaps with a similar result but basing it upon a percentage
of assets."
The letter agreement for taxable year ended June 30, 1988,
signed by Mr. Bricker and Mr. Fahey, was dated "As of August 1,
1987".
The letter agreement for taxable year ended June 30, 1989,
signed by Mr. Bricker and Mr. Fahey, was dated "As of July 1,
1988".
The total fees paid by LTD to INC and the gross revenues
received by INC for each taxable year are set forth in the
following table:
TYE Management fee Gross Revenues Percentage of INC’s
June 30 from LTD to INC of INC Gross Revenues
1985 $582,000 $618,190 94.1%
1986 945,000 953,583 99.1
1987 1,281,000 1,395,545 91.8
1988 1,440,000 1,532,579 94.0
1989 1,830,000 1,909,563 95.8
G. Research
Pursuant to its Agreement with LTD, INC purchased, on behalf
of clients of LTD, certificates of deposit and term deposits from
banks located both within and without the United States. The
executive committee of the Inver Group established criteria,
relating to the bank’s size, equity, profitability, size of
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