- 155 -
Item Carlco TMT BWK Total
Investment in Essex
Beginning year -0- -0- -0- -0-
Essex interest from IRA $20,377 $20,377 $4,528 $45,282
K-1 from Essex 60,520 60,520 13,449 134,489
Distribution from Essex (19,986) (19,986) (4,441) (44,413)
1984 Essex distribution
from IRA (39,971) (39,971) (8,882) (88,824)
End year investment 20,940 20,940 4,653 46,533
Paid in Capital
Essex interest from IRA 20,377 20,377 4,653 45,282
Essex distribution
received from IRA (39,971) (39,971) (8,882) (88,824)
c. Transfer of Sherwood Partnership Interest From IRA to
Carlco, TMT, and BWK, Inc.
In 1982, IRA invested $175,000 in a partnership called
Sherwood Associates (Sherwood). IRA held a 50-percent interest
in Sherwood and reported an $89,577 loss from Sherwood for 1982.
IRA's Sherwood partnership interest was reflected on IRA's books
at the end of 1982 as follows:
Opening balance --
Record transactions thru Nov. 1982 $100
Transfer via Administration Co. client 124,900
Reclassify loan to investment 50,000
Adjustment for 1982 loss (89,577)
Account total 85,423
In 1983, IRA invested an additional $150,000 in Sherwood and
IRA was allocated a $287,165 loss for the year. IRA's interest
in the Sherwood partnership was reflected on the books at the end
of 1983 as follows:
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