INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
10-C, 1996-06-07
REAL ESTATE INVESTMENT TRUSTS
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                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   FORM 10-C

                REPORT BY ISSUER OF SECURITIES QUOTED ON NASDAQ

                          INTERDEALER QUOTATION SYSTEM

                  Filed pursuant to Section 13 or 15(d) of the

                Securities Exchange Act of 1934 and Rule 13a-17

                              or 15d-17 thereunder


                   INCOME OPPORTUNITY REALTY INVESTORS, INC.
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                 (Exact name of issuer as specified in charter)

         10670 North Central Expressway, Suite 300, Dallas, Texas 75231
 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
                    (Address of principal executive offices)

                                                      (214) 692-4700
Issuer's telephone number, including area code  . . . . . . . . . . . . . . . .


                   I. CHANGE IN NUMBER OF SHARES OUTSTANDING
   Indicate any change (increase or decrease) of 5% or more in the number of
                              shares outstanding

1.       Title of security:  COMMON STOCK, PAR VALUE $0.01 PER SHARE
2.       Number of shares outstanding before the change:    770,744
3.       Number of shares outstanding after the change:   1,541,488
4.       Effective date of Change:    JUNE 14, 1996
5.       Method of change:

         Specify method (such as merger, acquisition, exchange, distribution,
stock split, reverse split, acquisition of stock for treasury, etc.):
2-FOR-1 FORWARD SHARE SPLIT

         Give brief description of transaction:  THIS IS A FORWARD SPLIT ON A
2-FOR-1 BASIS OF THE SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE, WITHOUT
ANY ADJUSTMENT TO PAR VALUE, IN THE FORM OF A 100% DISTRIBUTION FOR EACH SHARE
OF COMMON STOCK HELD, WITH THE INTENTION THAT EACH SHAREHOLDER RETAIN THE
SHARES PRESENTLY HELD AND RECEIVE AN ADDITIONAL SHARE OF COMMON STOCK FOR EACH
SHARE OF COMMON STOCK HELD.  THERE WILL BE NO FRACTIONAL SHARES.

                          II. CHANGE IN NAME OF ISSUER
1.       Name prior to change   . . . . . . . . . . . . . . . . . . . . . . . .
2.       Name after change  . . . . . . . . . . . . . . . . . . . . . . . . . .
3.       Effective date of charter amendment changing name  . . . . . . . . . .
4.       Date of shareholder approval of change, if required  . . . . . . . . .


Date    June 6, 1996                 INCOME OPPORTUNITY REALTY INVESTORS, INC.


                                     By /s/ ROBERT A. WALDMAN
                                        ----------------------------------------
                                        Robert A. Waldman, Senior Vice President


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