SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 22, 1998
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INVESTMENT INCOME PROPERTIES OF AMERICA, INC.
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(Exact name of registrant as specified in its charter)
Florida 033-95758 65-0544042
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(State or other jurisdiction (Commission File (IRS Employer
or incorporation) Number) Identification No.)
950 N. Federal Hwy, Suite 219, Pompano Beach, FL 33062
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(Address of principal executive offices, including zip code)
Registrant's telephone number, including area code (954) 783-2004
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(Former name or former address, if changed since last report)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a) On May 1, 1998, Investment Income Properties of America, Inc. (the
"Company") was advised by its auditors Grant Thornton, LLP ("Grant") that Grant
had resigned as the Company's auditors effective immediately. Grant based its
decision to resign on an allegation that the Company filed its December 31, 1997
Form 10-KSB with the Securities and Exchange Commission ("SEC") without Grant's
consent on April 22, 1998. The Company is actively seeking a replacement
auditing firm.
(b) During either of the two most recent fiscal years, and any
subsequent interim period, Grant's reports on the Company's financial statements
have not contained adverse opinions or disclaimers of opinion. During either of
the two most recent fiscal years, and any subsequent interim period, there have
not been any disagreements between Grant and the Company on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope or procedure or any reportable events between Grant and the Company.
(c) The Company delivered a copy of this Form 8-K report to Grant on
May 11, 1998. The Company has attached as an Exhibit hereto, a letter from Grant
addressed to the SEC stating that it agrees with the statements made by the
Company in response to Item 4 hereof.
ITEM 7 - FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND
EXHIBITS
(c) Exhibits:
16.2 Letter of Grant Thornton LLP pursuant to Item 304(a)(2) of
Regulation S-B.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
INVESTMENT INCOME PROPERTIES OF AMERICA, INC.
By:
Fredric B. Layne, President
DATED: May 15, 1998
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Exhibit 16.2
GRANT THORNTON LLP
ACCOUNTANTS AND MANAGEMENT CONSULTANTS
Suite 2000
200 E. Broward Blvd.
Ft. Lauderdale, FL 33301-1915
(954) 768-9900
(954) 768-9908
May 13, 1998
Securities and Exchange Commission
Washington, D.C. 20549
Re: Investment Income Properties of America, Inc.
File No 033-95758
Dear Sir or Madam:
We have read Item 4 of the Form 8-K of Investment Income Properties of America,
Inc., dated May 13, 1998, and agree with the statements contained in parts a-c.
We have no basis to agree or disagree with other statements of the registrant
contained therein.
Very truly yours,
/S/ GRANT THORNTON LLP
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GRANT THORNTON LLP
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