Investment Research Associates - Page 31




                                       - 119 -                                        
          Capital stock                                                               
          Preferred             --              --             --            --       
          Common         100               100         100       100                  
          Capital surplus                                                             
          Retained earn. (1,140,391) (1,536,819)  (1,061,295)  (1,490,783)            
          1988-89                                                                     
















               In December 1988, IRA acquired 850 shares (85 percent) of              
          Decisions Holding Corp. in a section 351 exchange for all of its            
          shares of Cedilla Invest. and Zeus, plus $60,000.25  Zeus                   
          continued to hold an $807,028 receivable from Holding Co. plus              
          $64,000 of receivables (exchanged during 1988 for a $64,000                 
          receivable from HELO).  No payments were made by Holding Co. or             
          the others on the receivables, and no efforts were ever made to             
          collect on the receivables.                                                 

          25                                                                          
               On IRA's 1988 consolidated return, IRA reported that it                
          contributed $60,000 to Decisions Holding Corp. in the sec. 351              
          transaction in exchange for 85 percent of the stock of Decisions            
          Holding Corp.  The return, however, also reported the transfers             
          of IRA's stock in Cedilla Invest. and Zeus to Decisions Holding             
          Corp.  See infra Issue 23.                                                  





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