Ramzy M. and Lena Kopty - Page 6




                                         -6-                                          
         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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