Investment Research Associates - Page 134

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         D.   Distributions to Kanter                                                  
              Kanter had funds in both the Administration Co. Special E                
         Account and the Special Account.  Administration Co. paid some of             
         Kanter's business and personal expenses out of Kanter's funds in              
         these accounts.  During 1982 Kanter received the following                    
         amounts from the payers or sources indicated:                                 
              Payer/Source                         Funds Received                      
                   Holding Co.                    $787,129                             
                   Computer Placement Service     40,000                               
                   Special E Account              190,078                              
                   Special Account                   286,000                           
              Total                               $1,303,207                           
              In 1983, Administration Co. paid $143,489 in employee                    
         compensation and distributed over $500,000 as nonemployee                     
         compensation, including $400,000 to the Rainbow Trusts (Rainbow               
         Trust Nos. 1-25).    Prior to 1987, Administration Co.'s assets               
         consisted primarily of cash and receivables.  For example, for                
         the years 1983, 1984, and 1986, Administration Co. listed the                 
         following assets on its tax returns:                                          

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