ABSTRACT
T h at this article was written at all is due largely to accident. In the course of a regular audit, I was requested b y a client to explain the contents o f a printed report on the affairs o f a certain trust described as an accum ulative fund. In the opinion o f the client, the report contained several contradictions and utterly failed to satisfy his very natural curiosity on tw o points :
1. H ow was it possible for the fund to close its operations with a huge profit notw ithstanding the fact that he had just been notified of a reduction in the value of his certificate and of the am ount o f his losses deductib le for incom e-tax purposes?
