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For taxable year ended June 30, 1986, the Deloitte
workpapers provide no indication regarding the specific income
items taken as audit samples.
For taxable year ended June 30, 1987, audit samples
included: (1) $24,152 for Letters of Credit, which has been
recategorized to "Letters of Credit", (2) $22,443 for Other
Income, (3) $6,866 for Wire and Check Fees, which has been
recategorized to "Wire and Check Fees", and (4) $2500 for
Commissions and Fees.
For taxable year ended June 30, 1988, the four items taken
as samples for Deloitte's audit were: (1) Interest earned on the
sale of TVA, Inc. stock when the customer committed to buy the
stock but did not pay for it for several months, (2) commissions
on the sale of Lombard positions, (3) gain from the sale of
Arabian horses, and (4) fees from guaranteeing a line of credit
for a client.
For taxable year ended June 30, 1989, the three items taken
as samples for Deloitte's audit were: (1) A reversal of excess
interest paid to a client in a prior year, (2) a reversal of
interest paid to a customer in error (with the end result of
canceling out the item initially listed as an interest expense),
and (3) revenue received for assisting a client in taking a
special tax election. The gross receipts and direct costs
relating to LTD’s "Other Income" for each taxable year are as
follows:
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