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10 In addition to the investments discussed above, Paul owns 1,000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an

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10 In addition to the investments discussed above, Paul owns 1,000 shares (1%) of Grubstake Mining & Development common stock. Grubstake is organized as an S corporation and has 100,000 shares outstanding. Grubstake reported taxable income of $200,000 and paid a distribution of $1.00 per share during the current year. Paul does not materially participate in Grubstake's activities

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