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<SEC-DOCUMENT>0000950134-04-010574.txt : 20040727
<SEC-HEADER>0000950134-04-010574.hdr.sgml : 20040727
<ACCEPTANCE-DATETIME>20040726163231
ACCESSION NUMBER:		0000950134-04-010574
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040715
ITEM INFORMATION:		Changes in registrant's certifying accountant
ITEM INFORMATION:		Other events
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040726

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:		04931127

	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>d17021e8vk.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>e8vk</TITLE>
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<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<P align="center" style="font-size: 10pt">SECURITIES AND EXCHANGE COMMISSION


<P align="center" style="font-size: 10pt">Washington, D.C. 20549


<P align="center" style="font-size: 10pt">FORM 8-K


<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>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date of Report (Date of earliest event reported)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">July&nbsp;15, 2004</TD>
</TR>

<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>

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</TABLE>
</DIV>

<DIV>
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Income Opportunity Realty Investors, Inc.</TD>
</TR>

<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Exact name of registrant as specified in its charter)</TD>
</TR>
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Nevada
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1-14784
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75-2615944</TD>
</TR>

<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction<BR>
of Incorporation)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission<BR>
File Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="51%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="21%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">1800 Valley View Lane, Suite&nbsp;300, Dallas, Texas
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">75234</TD>
</TR>

<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2"><HR size="1" noshade></FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" nowrap valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="55%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Registrant&#146;s telephone number, including area code
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">214-750-5800</TD>
</TR>

<TR>
    <TD align="center" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>

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</TABLE>
</DIV>

<P>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="100%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="100%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD align="center" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Former name or former address, if changed since last report)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-1-
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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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 July&nbsp;22, 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 Swalm &#038; Associates, 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. Swalm &#038; Associates, P.C. registration
with the Public Company Accounting Oversight Board (&#147;PCAOB&#148;) was approved and is
contained in the July&nbsp;19, 2004 list of registered firms.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The re-engagement effective July&nbsp;22, 2004 of Swalm &#038; Associates, P.C.
as the independent accountant for IOT again necessarily results in the
termination or dismissal of Farmer, Fuqua &#038; Huff, P.C. as the independent
accountant for IOT which had been re-engaged on June&nbsp;17, 2004, and had served as
independent accountants from July&nbsp;1, 2003 to June&nbsp;1, 2004. Swalm &#038; Associates,
P.C. was originally engaged on June&nbsp;1, 2004; however, Swalm &#038; Associates, P.C.
was unable to perform any work for IOT as its registration with the PCAOB had
not yet been approved. By virtue of that circumstance, the Audit Committee of
the Board of Directors determined to re-engage Farmer, Fuqua &#038; Huff, P.C.
effective June&nbsp;17, 2004 until such time as Swalm &#038; Associates, P.C. could become
registered. Now that such registration has occurred, the Audit Committee
determined to re-engage Swalm &#038; Associates, 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 E. Allard, Robert A. Jakuszewski and Peter L.
Larsen.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the Registrant&#146;s two most recent fiscal years ended December&nbsp;31,
2003, and the interim period through May&nbsp;31, 2004, and the interim period from
June&nbsp;17, 2004 through July&nbsp;22, 2004, there were no disagreements between the
Registrant and 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 Farmer, Fuqua &#038; Huff, P.C.&#146;s (or BDO Seidman, LLP&#146;s) satisfaction,
would have caused either of them to make a reference to the subject matter of
the disagreements in connection with their reports; there were not reportable
events as described in Item&nbsp;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 Farmer, Fuqua &#038; Huff, P.C. with a copy of the foregoing
disclosures and requested from Farmer, Fuqua &#038; Huff, P.C. a letter addressed to
the Commission stating whether Farmer, Fuqua &#038; Huff, P.C. agrees with the
statements made by IOT in response to Item 304(a) of Regulation&nbsp;S-K, and if not,
stating the respects in which it does not agree. Farmer, Fuqua &#038; Huff, P.C.&#146;s
letter is attached as an exhibit to this Current Report as Exhibit&nbsp;16.3.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Other Events and Regulation&nbsp;FD Disclosure</B>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective July&nbsp;15, 2004, Ken L. Joines, a director of IOT since July
2003, was elected Executive Vice President and Chief Financial Officer of the
Company.


<P align="center" style="font-size: 10pt">-2-
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<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">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Designation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description of Exhibit</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" align="center">16.3
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter dated July&nbsp;22, 2004 addressed to the Securities and Exchange Commission from
Farmer, Fuqua &#038; Huff, P.C.</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">-3-
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<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.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" nowrap valign="top">Date: July 22, 2004</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left" valign="top">
INCOME OPPORTUNITY REALTY INVESTORS, INC.</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:</TD>
    <TD align="left" valign="top">/s/ Ken L. Joines<BR>
<HR size="1" noshade color="#000000">
Ken L. Joines, Executive Vice President<BR>
and Chief Financial Officer</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">-4-
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-16.3
<SEQUENCE>2
<FILENAME>d17021exv16w3.htm
<DESCRIPTION>LETTER DATED JULY 22, 2004
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<P align="right" style="font-size: 10pt"><B>EXHIBIT 16.3</B>



<P align="left" style="font-size: 10pt">July&nbsp;22, 2004


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


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


<P align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt">We have been furnished with a copy of the response to Item&nbsp;4 of Form 8-K for the
event that occurred on July&nbsp;22, 2004, to be filed by our former client, Income
Opportunity Realty Investors, Inc. We agreed with the statements made in
response to that Item insofar as they relate to our Firm.


<P align="left" style="font-size: 10pt">Very truly yours,<br>


<P align="left" style="font-size: 10pt">/s/ Farmer, Fuqua &#038; Huff, P.C.<br>


<P align="left" style="font-size: 10pt">Farmer, Fuqua &#038; Huff, P.C.





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