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the transfer agent mailed to petitioner a stock certificate for
10,323 shares of J.D. Edwards & Co. stock. The stock
certificate, No. JDE1185, was dated July 15, 1998. The shares
represented by that stock certificate had not been registered
under the Securities Act of 1933, and the stock certificate bore
the following restricted legend:
THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933. THEY MAY NOT BE SOLD, OFFERED
FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
EFFECTIVE REGISTRATION STATEMENT UNDER SAID ACT OR
OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
SUCH REGISTRATION IS NOT REQUIRED. * * *
Petitioner received the stock certificate from the transfer
agent, but the record does not reveal precisely when he received
it.
On August 4, 1998, 5 days after the stock certificate had
been mailed to him by the transfer agent, petitioner hand-
delivered it to Norwest. In return, a representative of Norwest
gave petitioner a receipt for the stock certificate. The receipt
states that the purpose of receiving the stock certificate was
“Deposit to account”. Thus, according to the receipt, Norwest
received the J.D. Edwards & Co. stock certificate from petitioner
for the purpose of depositing the shares into petitioner’s
rollover IRA at Norwest.
Mr. Kopty’s rollover of the stock distribution from his ESOP
account to his IRA was confirmed by the statement for
petitioner’s IRA which was issued by Norwest for the period
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