Investment Research Associates - Page 11

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               For the 1989 taxable year, Essex reported $293,261 in total            
          income from consulting fees from Eulich-Management and Gateway              
          Corp.                                                                       
               For the taxable years 1982 through 1989, Essex made                    
          distributions to IRA, Holding Co., Connolly, and Eulich-                    
          Management in the following amounts:                                        
                Year    IRA          Holding     Connolly  Eulich-Mgt.                
                1982       $86,212     $70,538  $16,500    $156,750                   
                1983      78,375        64,125  15,000     142,500                    
                1984       133,238   109,013    25,499     242,250                    
                1985      120,175    98,325     23,000     218,500                    
                1986      80,465     65,835     15,400     146,300                    
                1987      120,698    98,752     23,100     219,450                    
                1988      117,562    96,118     22,500     213,750                    
                1989       51,727     42,322     9,900     94,051                     
                Total     788,452    645,028    150,899    1,433,551                  
               The distributions to all partners from 1982 through 1989               
          totaled $3,017,930.                                                         

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