Beverly Gordon - Page 12

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          testimony that he gave regarding his use as a hedge of the stock            
          that he held in the account that he maintained during 1986 at               
          Wagner Stott Clearing Corp., that he was not a dealer in securi-            
          ties during 1986, especially since other evidence in the record             
          established, and we found in our Opinion, that during that year             
          Mr. Gordon was licensed by the National Association of Security             
          Dealers to sell securities to the public and that he was regis-             
          tered with the Securities Exchange Commission as a broker/dealer.           
          The entire record presented to us left open the distinct possi-             
          bility in our mind that Mr. Gordon could have qualified as a                
          dealer in securities during 1986 and that he could have fit                 
          within the hedging exception in section 1256(f)(3)(B).                      
               It is significant that Ms. Gordon did not attempt to clarify           
          the record regarding Mr. Gordon's alleged hedging activities.               
          The two questions quoted above are the only questions relating to           
          Mr. Gordon's alleged hedging activities that Ms. Gordon, through            

          8  (...continued)                                                           
          27 through May 30, 1986, and Oct. 31 through Nov. 28, 1986.  We             
          found in our Opinion that those Wagner Stott statements for Mar.            
          27 through May 30, 1986, reflected that Mr. Gordon held the stock           
          of 11 companies at the end of the periods covered by those                  
          statements.  It was not clear to us from the conclusory testimony           
          of Mr. Gordon quoted above whether the "account" to which Mr.               
          Gordon was referring in that testimony was the Wagner Stott                 
          Clearing Corp. account that he maintained in his name during                
          1986, whether Mr. Gordon held any other stock during that year              
          through Wagner Stott Clearing Corp. other than that reflected in            
          the Wagner Stott statements that were part of the record, or                
          whether he had any other accounts during 1986 with other compa-             
          nies in which he held stock.                                                

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