- 34 -
on the forms as a complex trust named "Prime Financial Benefits
Trust" (E.I.N. 86-6184818):10
1990 1991 1992 1993 1994
Interest income $232,158 $372,992 $351,722 $106,927 $92,464
Other income: forfeitures --- 9,453 --- --- ---
Other income: refund trustee fees --- --- --- --- 4,012
Tax exempt income 55,467 34,812 295,340 118,797 14,498
Total income 232,158 382,445 351,722 106,927 96,476
Taxes 10,306 - 0 - 13,572 - 0 - 7,519
Fiduciary fees 53,836 63,293 22,994 - 0 - - 0 -
Attorney, accountant 13,247 136,440 96,205 104,764 173,804
Other deductions 3,500- 0 - 16 1,761 10,547
Other deductions: mgmt/admin fees - 0 - - 0 - 173,550 79,263 128,000
Exemption 100 100 100 100 100
Taxable Income 164,781 199,276 (20,428) (22,898)(182,687)
Total tax 46,139 61,017 - 0 - - 0 - - 0 -
The Trust paid no benefits in 1988. From 1989 through 1994,
the Trust paid $30,420,770 in employer withdrawal benefits and
DWB's as shown below:
1989 1990 1991 1992 1993 1994 Total
DWB's (number) 0 6 50 57 87 56 256
Withdrawal dist. $468,274 $2,292,366 $3,848,663 $10,732,521 $6,227,028 $4,117,684 $27,686,536
DWB's (amount) 0 11,985 682,394 640,125 727,947 671,783 2,734,234
Total 468,274 2,304,351 4,531,057 11,372,646 6,954,975 4,789,467 30,420,770
B. Suspense Account transactions
The first Suspense Account transaction was a deposit of a
$37,841 death forfeiture on December 21, 1990. The following
chart is a summary of all Suspense Account activity through
October 31, 1994:
10 We are unable to determine whether the New York Trust is
the same entity as the Trust. The entities have different
E.I.N.'s, and the New York Trust's Forms 1041 reported that it
was created on Aug. 1, 1988, while the Trust's Forms 1041
reported that it was created on Aug. 31, 1988. The 1990 Form
1041 filed for the Trust also reported that the "OLD NAME OF
FIDUCIARY" was "NORTHERN TRUST BANK OF ARIZONA N.A.". Our
Opinion is not affected by whether the New York Trust and the
Trust are the same or different entities.
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