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Gold/Mining/Energy : Naxos Resources (NAXOF)

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To: Jerry in Omaha who wrote (7899)	1/8/1998 12:57:00 PM
From: J.L. Turner	Read Replies (1) of 20681

Mr. Pearson The issues of stock transfer are confusing,a good CPA is certainly appropriate. If you took a tax deduction when you made contributions to your regular IRA,you must pay income tax on the proceeds that you withdraw or roll over to set up the Roth IRA.However,this year -and only in 1998-you will be able to pay the federal income tax due on the proceeds withdrawn for a rollover or conversion over four years,starting in 1998. The maximum annual IRA contribution-based on income is $2000 you cannot contribute $2000 to a regular IRA and another $2000 to a ROTH IRA. J.L.T.

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