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1976-77
Cedilla Co. acquired Cedilla Investment Co. (engaged in
equipment leasing transactions) in December 1976. During 1976
Kanter negotiated IRA's purchase of KWJ Corp. from Weaver and
began discussing the purchase of Schnitzer-PMS from Schnitzer.
In 1977 Keating's preferred stock was redeemed.
IRA's consolidated returns for 1976 and 1977 reported
consolidated net losses23 of $7,954 in 1976 and $271,394 in 1977,
a net loss for Cedilla Investment Co. of $174,003 in 1976 and
$345,950 in 1977, and reflected the following income and end-of-
year balance sheets with respect to IRA (unconsolidated):
23
During the years at issue the consolidated net losses did
not equal the total of the net losses of the consolidated group
because of special deductions.
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