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Petitioner's Returns
Petitioner timely filed Forms 990, on the basis of a
September 30 fiscal year, for 1982 through 1988 using the accrual
method of accounting. On its fiscal 1983 Form 990, petitioner
reported the sale of the hospital for a net loss of $1,427,297.
Petitioner calculated this loss as follows:
Sale Price $4,500,000
Basis of Assets sold:
Cash $1,268,319
Treasury bills 1,231,499
Patients accounts receivable 1,023,141
Other receivables 7,428
Supplies 88,517
Prepaid expenses 61,011
Property, plant, equipment 4,022,764
and other non-current assets
$7,702,679
Liabilities assumed by buyer 1,838,120
Net assets sold 5,864,559
(1,364,559)
Sales expenses 62,738
Loss (1,427,297)
For 1983, petitioner reported total revenue of $3,622,160 and
total expenses of $4,289,241. Included in the accrued expenses
were $1,550 for grants, $20,809 for assistance to individuals,
and $354,580 for FPCF assessments. Of the amount accrued for
FPCF assessments, $345,000 was unpaid in the year 1983.
Included in the expenses reported by petitioner for the
years in issue were the following:
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