Inverworld, Inc., et al. - Page 202

                                                 - 57 -                                                   
            follows:                                                                                      
                        TYE June 30        Gross Receipts    Direct Costs                                 
                        1988               $14,531            - 0 -                                       
                        o.     Other Commission Income/                                                   
                               Other Commissions and Fees                                                 
                  For taxable year ended June 30, 1988, the category "Other                               
            Commission Income" included two types of revenue:  $1,640 as                                  
            commissions on a "back-to-back" transaction and $776 as                                       
            commissions on the sale of stock.                                                             
                  For taxable year ended June 30, 1989, the category "Other                               
            Commissions and Fees" included two types of revenue:  $24,633 as                              
            additional commission fees that were charged to clients                                       
            considered to be of higher than normal risk, and $8,852 as                                    
            commissions on the sale of Inver stock.  The gross receipts and                               
            direct costs relating to LTD’s "Other Commission Income" and                                  
            "Other Commissions and Fees" for each taxable year are as                                     
            follows:                                                                                      
                  TYE June 30    Gross Receipts               Direct Costs                                
                  1988             1$2,416              - 0 - ("Other Commission Income")                 
                  1989         33,485                   8,345 ("Other Commissions and Fees")              
                  1  We have deducted from the amount of gross receipts,                                  
            $17,555, the amount of $15,139, which represents LTD's                                        
            commissions from sales of Treasury bills and which has been                                   
            recategorized under "Commissions on the Sale of Treasury Bills"                               
            for taxable year ended June 30, 1988.                                                         
                        p.     Other Income                                                               
                  For taxable year ended June 30, 1985, the income items taken                            
            as samples for Deloitte’s audit constituted "interest payments".                              





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