- 12 -
($2,500 each, which they each reported as subject to self-
employment taxes of $353). They also reported nontaxable Social
Security benefits of $29,534.
On its return, the OMK Company Trust reported total income
of $129,311, which included $29,481 of interest from
Fountainhead, $2,089 of dividends, $91,732 of other income, and
$6,008 of capital gain. The other income was described as
$106,788 from P.I. Ministries less $15,056 “return of capital
Fountainhead Global”. The capital gain reported on the return
included $1,930 of capital gain from the sale of shares of three
Scudder funds--Scudder Latin American Fund (Latin), Scudder
Greater Europe Growth Fund (Growth), and Scudder Investment Trust
(Investment)--and $4,078 from other investments, reported as
follows:
Sale Gain
Fund Price Basis (Loss)
Scudder funds
Latin $47,755 $45,301 $2,454
Growth 32,719 33,243 (524)
Investment 64,239 64,239 -0-
Other funds
L.A. small cap 27,387 28,194 (807)
L.A. small cap 28,597 30,012 (1,415)
J. Hancock 16,052 16,142 (90)
Pilgrim 15,333 16,137 (804)
L.A. class A 32,186 24,992 7,194
Total $264,268 $258,260 $6,008
The OMK Company Trust claimed total deductions of $129,899,
including $3,729 for fiduciary fees, $56,871 for charitable
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