Gordon J. and Bonnie L. Schoof - Page 7

                                        - 7 -                                         

          custodial account at the El Dorado Bank in Newport Beach,                   
          California, to collect the rental income generated from the lease           
          agreements entered into with MDA.                                           
              Mr. Thomson executed a Form 56 (Notice Concerning Fiduciary             
          Relationship) with respect to each investor in the FAC IRA.  Both           
          Mr. Thomson and each investor in the FAC IRA executed a Form 5305-A         
          (Individual Retirement Custodial Account) assigning the IRA                 
          contributions to the custodial account.                                     
          Petitioners' Investments in the FAC IRA                                     
              All petitioners in this case caused distributions to be made            
          out of existing qualified IRA's (and in one instance an existing            
          qualified IRA and a pension plan4) for the purpose of rolling over          
          the  distribution  into  the  FAC  IRA.  The  distributions  and            
          contributions into the FAC IRA were as follows:                             

                              Distribution                                            
                               from IRA/              Contribution                    
              Petitioner      Pension Plan    Date     to FAC IRA     Date            
          Gordon J. Schoof     $62,151.00  1 0 2/05/91$65,000.00   02/07/91           
                               3,579.77    02/07/91                                   
          Bonnie L. Schoof     7,397.69    08/16/91   20,000.00    09/04/91           
                               10,709.06   08/26/91                                   
          Lyman K. Kennedy     5,000.00  04/18/91   5,000.00       04/24/91           
          Judith Kennedy       5,000.00  04/18/91   5,000.00       04/24/91           


              4     Only petitioner Nurit Haramgaal caused a distribution             
          to be made from a pension plan.                                             







Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  Next

Last modified: May 25, 2011