- 57 -
L, for TYE 8/31/91, which we have used to determine available
net liquid assets. Thus, if we omit unpaid estimated tax from
the calculation of working capital needs, the effect is offset
by a corresponding reduction in available net liquid assets.
17. See note 3.
18. See note 4.
19. For reasons that were not explained, in her Bardahl
computations for trial respondent omitted an investment in gold
listed on petitioner’s Form 1120, Schedule L. Respondent had
included this item in the worksheet accompanying the notice of
deficiency. Since the investment appears to be a cash
equivalent, its inclusion in current assets would appear to be
appropriate.
20. We use the amount of “other current obligations”
stated on Form 1120, Schedule L, and accepted by respondent in
computations on the worksheet accompanying the notice of
deficiency. The revised amount that she used in computations
for purpose of trial was not explained. See note 6.
21. Taxable income reflects amounts properly deducted for
insurance premiums and consulting fees.
22. See note 8.
TYE 8/31/92
23. See note 2.
24. See note 3.
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