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The evidence indicates and we find that on February 2, 1994,
pursuant to the above transfer, the following types of assets of
Associates PC were actually transferred to Hanna PC: Cash,
accounts receivable, office equipment, an option to purchase a
12-year-old quarter horse (horse option), and an interest in a
contingent fee lawsuit (interest in a lawsuit).
We also find that Hanna PC assumed the following types of
liabilities of Associates PC: Notes payable, payroll taxes due,
salaries payable, and accounts payable.
In connection with the transfer of assets and assumption of
liabilities between Associates PC and Hanna PC, Hanna prepared
what is referred to as an Internal Document listing certain of
Associates PC's assets and liabilities to be transferred and
assumed, setting forth amounts with respect thereto as of January
31, 1994, as follows:
Associates PC's Assets and Liabilities as of
Jan. 31, 1994, per Internal Document
Assets
Cash $15,626
Accounts Receivable 40,660
Office Equipment 15,000
Total Assets $71,286
Liabilities
Notes Payable $41,211
Payroll Taxes Due 6,420
Salaries Payable 20,367
Accounts Payable 17,382
Total Liabilities $85,380
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