- 55 -
TYE June 30 Gross Receipts Direct Costs
1988 1$15,139 2$4,521
1989 5,026 - 0 -
1 We have recategorized under "Commissions - T-bills" for
taxable year ended June 30, 1988, the amount of $15,139 of gross
receipts, which was originally categorized under "Other
Commission Income".
2 We have recategorized under "Commissions - T-bills" for
taxable year ended June 30, 1988, the amount of $4,521 of direct
costs, which was originally categorized under "Interest Income".
k. Wires and Checks
LTD charged its clients fees for transactions with third
party banks. For example, when a wire was sent or a foreign
check was received for deposit, the third party bank sometimes
charged a transaction fee to LTD, which passed through the fee to
the client, plus a transaction fee of its own. Depending on the
type of transaction, LTD added a $10 to $15 fee. The gross
receipts and direct costs relating to LTD’s "Wire and Check Fees"
for each taxable year are as follows:
TYE June 30 Gross Receipts Direct Costs
1987 1$6,866 - 0 -
1988 13,274 - 0 -
1989 26,360 - 0 -
1 We have recategorized under "Wire and Check Fees" for
taxable year ended June 30, 1987, the amount of $6,866 of gross
receipts, which was originally categorized under "Other Income".
l. Gold and Silver Futures
LTD maintained a gold and silver futures operations for its
clients. The gross receipts and direct costs relating to LTD’s
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