Investment Research Associates - Page 135




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         Fiscal         Cash            Current Assets      Total                      
          Year          on Hand         (Notes Receivable)   Assets                    
         6-30-83        $77,735         $ 998,118           $1,117,457                 
         6-30-84        23,941          4,501,125           4,577,701                  
         6-30-86        55,821          4,365,144           4,512,704                  
              Some of Administration Co.'s receivables represented money               
         distributed to Kanter or trusts for the benefit of his family.                
         For example, in 1984, Administration Co. distributed $660,000 to              
         Kanter that was recorded as a receivable.  Administration Co.'s               
         trial balance for the twelve months ended 6/30/84 reflects the                
         following notes receivable from Kanter and his grantor trusts:                
                   Entity                           Amount                             
                   Everglades Trust 1-5           $23,595                              
                   Everglades Trust 2             1,000                                
                   Everglades Trust 3             1,000                                
                   Everglades Trust 4             1,000                                
                   Kanter, Burton W.              660,845                              
                   Total                          $687,440                             
              As of January 1, 1987, Kanter's general ledger indicated                 
         that Administration Co. had distributed a total of $1,056,751 to              
         him.  By the end of Administration Co.'s fiscal year ended June               
         30, 1987, its total assets were as follows:                                   
         Fiscal         Cash            Current Assets           Total                 
         Year           on hand         (Notes Receivable        Assets                
         6-30-87        $ 100                $6,929              $63,880               
              Administration Co.'s return for the year ended June 30,                  
         1987, was the last return filed for Administration Co.  Although              
         the receivables on Administration Co.'s books decreased, as of                
         October 31, 1987, Kanter still had an outstanding loan from                   
         Administration Co. in the amount of $1,346,641.                               






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