- 57 -
follows:
TYE June 30 Gross Receipts Direct Costs
1988 $14,531 - 0 -
o. Other Commission Income/
Other Commissions and Fees
For taxable year ended June 30, 1988, the category "Other
Commission Income" included two types of revenue: $1,640 as
commissions on a "back-to-back" transaction and $776 as
commissions on the sale of stock.
For taxable year ended June 30, 1989, the category "Other
Commissions and Fees" included two types of revenue: $24,633 as
additional commission fees that were charged to clients
considered to be of higher than normal risk, and $8,852 as
commissions on the sale of Inver stock. The gross receipts and
direct costs relating to LTD’s "Other Commission Income" and
"Other Commissions and Fees" for each taxable year are as
follows:
TYE June 30 Gross Receipts Direct Costs
1988 1$2,416 - 0 - ("Other Commission Income")
1989 33,485 8,345 ("Other Commissions and Fees")
1 We have deducted from the amount of gross receipts,
$17,555, the amount of $15,139, which represents LTD's
commissions from sales of Treasury bills and which has been
recategorized under "Commissions on the Sale of Treasury Bills"
for taxable year ended June 30, 1988.
p. Other Income
For taxable year ended June 30, 1985, the income items taken
as samples for Deloitte’s audit constituted "interest payments".
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