Investment Research Associates - Page 228




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         distributed to each of Lisle and Ballard, respectively, through               
         Carlco and TMT, and 10 percent to Kanter through BWK, Inc.                    
              Respondent has established by clear and convincing evidence              
         that Ballard failed to report income from the Five in the                     
         following amounts for each of the years at issue:                             
                        Year          Omitted Income                                   
                        1978            $17,277                                        
                        1979            186,758                                        
                        1980            391,538                                        
                        1981            467,972                                        
                        1982            710,001                                        
                        1984            337,715                                        
                        1987            300,900                                        
                        1988            283,440                                        
                        1989            358,492                                        
              Respondent has established by clear and convincing evidence              
         that Lisle failed to report income from the Five in the following             
         amounts for each of the years at issue:                                       
                        Year         Omitted Income                                    
                        1984            337,715                                        
                        1987            300,900                                        
                        1988            283,440                                        
                        1989            358,492                                        
              Respondent has established by clear and convincing evidence              
         that Kanter omitted income from the Five in the following amounts             
         for each year at issue:                                                       














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