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<SEC-DOCUMENT>0000950134-04-009037.txt : 20040621
<SEC-HEADER>0000950134-04-009037.hdr.sgml : 20040621
<ACCEPTANCE-DATETIME>20040621115810
ACCESSION NUMBER:		0000950134-04-009037
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040617
ITEM INFORMATION:		Changes in registrant's certifying accountant
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040621

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
		CENTRAL INDEX KEY:			0000949961
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				752615944
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14784
		FILM NUMBER:		04872017

	BUSINESS ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4685224200

	MAIL ADDRESS:	
		STREET 1:		1800 VALLEY VIEW LANE
		STREET 2:		SUITE 300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d16235e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>


<P align="center" style="font-size: 10pt">CURRENT REPORT


<P align="center" style="font-size: 10pt"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="left" style="font-size: 10pt">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;June&nbsp;17, 2004

<P>
<DIV align="center" style="font-size: 24pt"><B>Income Opportunity Realty Investors, Inc.<HR size="1" noshade></B>
<FONT style="font-size:10pt">(Exact name of registrant as specified in its charter)
</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nevada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-14784
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">75-2615944</TD>
</TR>

<TR style="font-size: 1px">
    <TD valign="top"><HR size="1" noshade><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><HR size="1" noshade>&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><HR size="1" noshade>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(State or other jurisdiction
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(IRS Employer</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">of Incorporation)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Identification No.)</TD>
</TR>

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</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas 75234<HR size="1" noshade>

<DIV align="center">
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    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
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<TR valign="bottom">
    <TD align="left" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">(Zip Code)</TD>
</TR>

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</TABLE>
</DIV>


<P align="left" style="font-size: 10pt">Registrant&#146;s telephone number, including area code&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214-750-5800


<P>
<DIV align="center" style="font-size: 10pt">1755 Wittington Place, Suite&nbsp;340, Dallas, Texas 75234<HR size="1" noshade>
(Former name or former address, if changed since last report)
</DIV>

<P align="center" style="font-size: 10pt">1
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Changes in Registrant&#146;s Certifying Accountant</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective June&nbsp;17, 2004, the Audit Committee of the Board of Directors of
Income Opportunity Realty Investors, Inc. (&#147;IOT&#148; or the &#147;Registrant&#148;)
re-engaged the Plano, Texas firm of Farmer, Fuqua &#038; Huff, P.C. as the
independent accountant to audit IOT&#146;s financial statements for the fiscal year
ending December&nbsp;31, 2004 and any interim periods. Farmer, Fuqua &#038; Huff, P.C.
was the independent auditor for IOT&#146;s financial statements for the Registrant&#146;s
most recent fiscal year ended December&nbsp;31, 2003, and a subsequent interim
period, having originally been engaged on July&nbsp;1, 2003. On May&nbsp;31, 2004,
Farmer, Fuqua &#038; Huff, P.C. had advised the IOT Board of Directors that by
virtue of other assignments for such firm with affiliates of IOT, perhaps
another firm should handle the audit of IOT&#146;s financial statements for the
fiscal year ending December&nbsp;31, 2004, and the Audit Committee then engaged the
Plano, Texas firm of Swalm &#038; Associates, P.C. as the independent accountant to
audit IOT&#146;s financial statements. However, Swalm &#038; Associates, P.C. has been
unable to perform any work for IOT and is not able to do so until its
registration with the Public Company Accounting Oversight Board (the &#147;PCAOB&#148;)
is approved. By virtue of such circumstance, the Audit Committee of the Board
of Directors determined to re-engage Farmer, Fuqua &#038; Huff, P.C. The decision
to again change accountants was approved by the Audit Committee of the Board of
Directors of IOT consisting of Messrs.&nbsp;David Allard, Robert Jakuszewski and
Peter Larsen.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The re-engagement effective June&nbsp;17, 2004 of Farmer, Fuqua &#038; Huff, P.C. as
the independent account for IOT necessarily results in the termination or
dismissal of Swalm &#038; Associates, P.C. which had been engaged on June&nbsp;1, 2004,
and had been unable to perform any work for IOT during such period. Farmer,
Fuqua &#038; Huff, P.C. audit IOT&#146;s financial statements for the fiscal year ended
December&nbsp;31, 2003 and was engaged effective July&nbsp;1, 2003 as the independent
accountant for IOT which in turn resulted in the termination or dismissal of
the then principal accountant which had audited IOT&#146;s financial statements for
the previous two fiscal years ended December&nbsp;31, 2001 and 2002, BDO Seidman
LLP.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Registrant&#146;s two most recent fiscal years and subsequent
interim period through June&nbsp;17, 2004, there were no disagreements between the
Registrant and Swalm &#038; Associates, P.C. or Farmer, Fuqua &#038; Huff, P.C. or prior
thereto with BDO Seidman LLP concerning any matter of accounting principles or
practices, financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to Swalm &#038; Associates, P.C.&#146;s or Farmer, Fuqua &#038;
Huff, P.C.&#146;s (or BDO Seidman LLP&#146;s) satisfaction would have caused any of them
to make a reference to the subject matter of the disagreements in connection
with their reports; there were no reportable events as described in Item
304(a)(1)(v) of Regulation&nbsp;S-K.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farmer, Fuqua &#038; Huff, P.C.&#146;s report dated March&nbsp;12, 2004 on IOT&#146;s
financial statements for the year ended December&nbsp;31, 2003 did not contain any
adverse opinion or disclaimer of opinion, nor was the report qualified or
modified as to uncertainty, audit scope or accounting principles.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IOT provided Swalm &#038; Associates, P.C. with a copy of the foregoing
disclosures and requested from Swalm &#038; Associates, P.C. a letter addressed to
the Commission stating whether Swalm &#038; Associates, P.C. agrees with the
statements made by IOT in response to Item 304(a) of


<P align="center" style="font-size: 10pt">2
</DIV>

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<P align="left" style="font-size: 10pt">Regulation&nbsp;S-K, and if not, stating the respects in which it does not agree.
Swalm &#038; Associates, P.C.&#146;s letter is attached as an exhibit to this Current
Report as Exhibit&nbsp;16.2.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Financial Statements and Exhibits</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Exhibits. The following documents are filed as exhibits to this
report:

<DIV align="center">
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit<BR>Designation</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">16.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter dated June&nbsp;18, 2004 addressed to the Securities
and Exchange Commission from Swalm &#038; Associates, P.C.</TD>
</TR>

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<P align="center" style="font-size: 10pt">3
</DIV>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf of the
undersigned hereunto duly authorized.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">Date: June 18, 2004&nbsp;</TD>
    <TD colspan="3">INCOME OPPORTUNITY REALTY<BR>
INVESTORS, INC.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Louis J. Corna
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Louis J. Corna, Executive Vice President,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">General Counsel, Tax Counsel and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">4
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<DOCUMENT>
<TYPE>EX-16.2
<SEQUENCE>2
<FILENAME>d16235exv16w2.htm
<DESCRIPTION>LETTER TO THE COMMISSION FROM SWALM & ASSOCIATES
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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<P align="right" style="font-size: 10pt"><B>EXHIBIT 16.2</B>



<P align="center" style="font-size: 14pt"><B>SWALM &#038; ASSOCIATES, P.C.<BR>
<FONT style="font-size: 10pt">4975 Preston Park Boulevard, Suite&nbsp;340<BR>
Plano, Texas 75093<BR>
972-985-6500 (telephone)<BR>
972-985-6515 (facsimile)</FONT></B>



<P align="center" style="font-size: 10pt">June&nbsp;18, 2004



<P align="left" style="font-size: 10pt">Securities and Exchange Commission<BR>
450 5th Street N.W.<BR>
Washington, D.C. 20549


<P align="left" style="font-size: 10pt">Gentlemen:



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have been furnished with a copy of the response to Item&nbsp;4 of Form 8-K
for the event that occurred on June&nbsp;17, 2004, to be filed by Income Opportunity
Realty Investors, Inc. We agree with the statements made in response to that
Item insofar as they relate to Swalm &#038; Associates, P.C.


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top">&nbsp;</TD>
    <TD colspan="3">Very truly yours,<BR>
<BR>
<BR>
SWALM &#038; ASSOCIATES, P.C.<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000">/s/ Edward S. Swalm
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">Edward S. Swalm&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


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