Investment Research Associates - Page 33




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               IRA's consolidated returns for 1988 and 1989 reported                  
          consolidated net losses, and net income or loss for Cedilla                 
          Investment Co., Zeus, and Decisions Holding Corp. and reflected             
          the following income and end-of-year balance sheets with respect            
          to IRA (unconsolidated):                                                    
                                        1988               1989                       
          Consolidated income (loss)    ($637,842)     ($116,521)                     
          Cedilla Invest.                                                             
          Net                           52,446         11,702                         
          NOL                             (704,460)      (652,014)                    
          Taxable                       (652,014)      (640,312)                      
          Zeus                                                                        
          Net                           (163,987)      (18,419)                       
          NOL                             (181,747)      (345,734)                    
          Taxable                       (345,734)      (364,153)                      
          Decisions Holding Corp.                                                     
          Net income                    (1,066,348)    (3,394)                        
          NOL                                         (1,066,348)                    
          Taxable income                (1,066,348)    (1,069,742)                    
          IRA                                                                         
          Income                                                                      
               Dividends                65,093          --                            
               Interest                 180,828        120,555                        
               Gross rents              188          --                               
               Capital gain             293,593        780,343                        
               Partnerships             106,970        110,087                        
               Commissions/fees                                                       
               Total                    646,672        1,010,985                      
               Deductions                                                             
               Commissions/fees                                                       
               Other                        44,001         59,927                     
               Total                    44,001         59,927                         
               Net income               602,671        951,058                        
               NOL                      (311,625)      (419,626)                      
               Special deductions         (52,074)         --                         
               Taxable income           238,972        531,432                        
                                                                                     











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