- 9 -
1992 1993
Total income $282,104 $213,092
Officer compensation 250,000 168,000
Salaries & wages -0- -0-
Pension, profit-sharing, plans -0- -0-
Employee benefit programs 26,000 28,623
Taxable income (loss) (18,881) (20,958)
Income tax -0- -0-
Alt. minimum tax -0- -0-
Lakewood is a professional medical corporation owned equally
by Arthur Hirshkowitz (Dr. Hirshkowitz), Akhilesh Desai (Dr.
Desai), Kevin T. McManus (Dr. McManus), and Steven Sobo (Dr.
Sobo), until his death on September 23, 1993, and by Vijay
Sankhla (Dr. Sankhla) afterwards. When we filed the petitions of
the various members of the Lakewood group,8 Lakewood’s principal
place of business and the residence of each individual (and his
or her spouse) was in New Jersey.
Lakewood reports its income and expenses for Federal income
tax purposes using the cash receipts and disbursements method
and, but for 1991, using the calendar year; its 1991 taxable
years consist of a fiscal year ended on October 31, 1991, and a
short taxable year ended on December 31, 1991. It reported the
following relevant amounts on its Federal corporate income tax
returns for the subject years:
8 The members of the Lakewood group are Lakewood, Drs.
Hirshkowitz, Desai, and McManus, and the Estate of Steven Sobo,
Deceased.
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