Investment Research Associates - Page 24

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          1981-82                                                                     










               During 1981, Essex Corp. and Gateway Corp. were organized.             
          In November 1981, IRA acquired 1,000 shares of IRA Florida                  
          Apartments, Inc. (IRA Flor. Apts.).  During 1982, the Essex                 
          partnership was organized.  During 1982, Ballard and Lisle                  
          retired from Prudential; Lisle began employment with Travelers,             
          and Ballard began employment with Goldman-Sachs.                            
               IRA's consolidated returns for 1981 and 1982 reported                  
          consolidated net losses of $615,852 and $121,501, respectively,             
          which included a net loss of $25,057 in 1981 and net taxable                
          income of $72,407 for Cedilla Investment Co., net income of                 
          $107,887 in 1981 and $448,691 in 1982 for Zeus, net income of               
          $91,118 in 1981 and $155,842 in 1982 for KWJ Corp., net income of           
          $5,954 in 1981 and a net loss of $19,184 in 1982 from Brickell,             
          and net losses of $6,568 in 1982 from IRA Florida Apts. and                 
          reflects the following income and end-of-year balance sheets with           
          respect to IRA and Cedilla Co. (unconsolidated):                            

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