Investment Research Associates - Page 100




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         4.   Loans                                                                   
         a.   IRA Loans to Kanter                                                     
              IRA's records reflect the following amounts transferred to              
         Kanter and recorded as receivables:                                          
                                   Burton W. Kanter                                   
          1982    Beginning balance                               --                  
                  Adj for bal in Cedilla Trust               $4,450                   
                  Ending balance                               4,450                  
          1983    Beginning balance                            4,450                  
                  Loan repymt. from BWK                           --                  
                  Ending balance                                                      
          1984    No entry                                                            
          1985    Beg. balance                                   --                   
                  Sold Geochem to BWK                            500                  
                  Sell TWOOD rec to BWK                       10,000                  
                  Sold funds for Energy                        5,000                  
                  Rec sale of assets sold                      1,110                  
                  Ending balance                              16,610                  
          1986    Unexplained acct. total                    (39,940)                 
          1987    Beg. balance                               (39,940)                 
                  Repay BWK RE H BLUM                            219                  
                  HB Rpymt (S/B to BWK)                         (219)                 
                  Move to notes payable                       39,940                  
                  Ending balance                                 --                   
          1988    No entry                                                            
          1989    Beg. balance                                    --                  
                  B. Kanter/Ln                               250,000                  
                  Unavailable history                        350,000                  
                  Ending balance                             600,000                  
         b.   Loans to Ballard, Lisle, Their Family Members and Trusts                
              Ballard and Lisle established the following grantor trusts,             
         the income (or losses) of which was includable in Ballard's and              
         Lisle's income pursuant to sections 671 through 678:                         







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Last modified: May 25, 2011