Investment Research Associates - Page 112




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              Although some of the receivables indicated an interest rate,            
         there is no evidence that any interest was ever paid, and the                
         outstanding balances were never increased to reflect accruing                
         interest.                                                                    
              In 1987, IRA held 1,500 shares of stock in Int'l Films.                 
         IRA's basis in the Int'l Films stock was $65,000.  Additionally,             
         in 1987, IRA had a $507,648 receivable owing to it by Int'l                  
         Films.                                                                       
              Int'l Films' trial balance sheet for the taxable year ending            
         8/31/87 showed the following:                                                
              Assets                                                                  
              Receivables                                                             
              Safari Trust                       $98,450                              
              CMB Cinema Trust                   70,650                               
              CMB Cinema Trust II                16,675                               
              RWL Cinema Trust                   21,500                               
              RWL Cinema Trust II                67,839                               
              HGA Cinema Trust                   133,695                              
              Elk Investment                     76,500                               
              Inter Alia                         125,000                              
              Hargen                             8,000                                
              HELO1                              180,800                              
              Ballard                            35,784                               
              Ballard II                         160,900                              
              Lisle                              28,284                               
              HGA Cinema Trust                   67,098                               
              CMB Cinema Venture                 250                                  
              Holding Co.                        29,500                               
              Total receivables             1,120,925                                 
              Other assets                                                            
              1984 Development Partnership       55,288                               
              Other taxes                      80                                     
              Total assets                  1,176,293                                 
              Liabilities                                                             
              Cash deficit                       60                                   
              IRA                                507,648                              
              I&F Corp.                          774                                  
              Total liabilities                  508,482                              





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