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amount of crypts to be used for temporary entombment.
These spaces are intended for those people who have
purchased in future phases but had the misfortune of
dying prior to the building's completion.
We have recently filled our last temporary entombment
space in Phase I and now must seek a Certificate of
Occupancy so that we may legally make entombments in
Phase II. However, in obtaining a Certificate of
Occupancy drastic tax ramifications will result for
Howard and Alice in their 1989 tax situation. All
monies collected for Phase II have been recorded as
deposits so no tax has been paid on these monies. This
is acceptable, legal accounting practice as we had not
yet taken possession of the building. The moment we so
take possession of the building, all the aforementioned
monies become income to Howard and Alice and are then
subject to income tax. Simply stated, Howard and Alice
will have one wopping [sic] tax bill for 1989.
As we have no choice but to immediately obtain a C.O.
and take possession of Phase II, there is but one
alternative to circumvent this problem. Howard and
Alice must immediately deed over the lands to the now
existing Non-Profit Corporation, Woodbine Cemetery
Association of Oceanport. Once it's done, the tax
situation will no longer exist as the Association will
not be subject to income tax.
The next step is to have the new corporation issue the
necessary Certificates of Indebtedness. Howard has
asked that these certificates be issued in both his and
Alice's names. This is impossible as to do so would be
a direct violation of a standing court order signed by
Judge Kennedy on April 24, 1989, which reads as
follows: "The Property and Business known as Woodbine
Cemetery and Mausoleum including real personal and
business assets shall be transferred to the wife, and
the business known as Woodbine Cemetery and Mausoleum
shall be thereafter sold to Julia Berger Kunkowski and
her husband Gregg Kunkowski for the sum of $680,000.
plus interest, all of which shall be paid over a period
of twenty-five years at the rate of $72,717. per year
and payable monthly at $6059.75 per month." The
Certificates must be issued in Alice's name and the
balance of the order executed.
This week I must obtain a Certificate of Occupancy so
that entombment can be continued here at Woodbine. For
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