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Technology Stocks : Allen-Vanguard Rescue Board

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From: beaverfever	9/19/2009 8:38:08 PM
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CRA Tax implications of inappropriate write downs ? Allen-Vanguard's CFO made some aggressive writedowns over the past year. These writedowns Q4 2008 had intangible assets write down, and Q3 2009 had non-anniversary intangible assets write down (without a special trigger) which in effect devalued Allen-Vanguard so its Liabilities exceed its Assets. Allen-Vanguard then announced a sale to a US buyer, Versa. Could it be possible that these write downs were pre-planned as an incentive for Versa to buy an "undervalued" company ? (conspiracy to commit tax fraud) Could the writedown in intangible assets that occurred in Q3 2009 be considered as "inappropriate" by Canada Revenue Agency, and disallowed ? Could a court ordered forensic review would discover other accounting improprieties ? Could the Q3 writedown in intangible assets be considered by CRA or criminal investigators as tax evasion ? If the Q3 intangible asset writedown is disallowed, what tax implications would this have on the sale to Versa ? IMHO a forensic review could find that Allen-Vanguard has a net worth well over $50 Million (that would deliver almost .50/share to shareholders). The tax to be paid on a sale valued at $50 million is considerable, and should be recovered VRS SHAREHOLDERS READ THIS INFORMATION BELOW AND ACT AS YOU SEE FIT cra-arc.gc.ca Informant Leads Program The Canada Revenue Agency (CRA) takes abuse of Canada's tax laws very seriously. When an individual or business does not fully comply with tax legislation, an unfair burden is placed on law-abiding taxpayers and businesses and the integrity of Canada's tax base is jeopardized. The mandate of the Informant Leads Program is to co-ordinate all leads that the CRA receives from informants, to determine if there is an element of non-compliance with tax legislation, and to ensure that appropriate enforcement action is taken. The program is regionalized into five offices across the country. To report suspected tax evasion, contact the office in your region (you may report the information anonymously): Atlantic Region Informant Leads Centre Tel.: 506-636-4657 Tel.: 1-888-674-1699 (toll free) Fax: 506-636-5316 Mail: Atlantic Region Informant Leads Centre Saint John Tax Services Office 126 Prince William Street Saint John NB E2L 4H9 Quebec Region Informant Leads Centre Tel.: 1-866-896-6317 (toll free) Fax: 450-926-7006 Mail: Quebec Region Informant Leads Centre Montérégie-Rive-Sud Tax Services Office 3250 Lapinière Boulevard Brossard QC J4Z 3T8 Ontario Region Informant Leads Centre Tel.: 905-984-4830 Tel.: 1-866-809-6841 (toll free) Fax: 905-984-4829 Mail: Ontario Region Informant Leads Centre St. Catharines Tax Services Office 32 Church Street Post Office Box 3038 St. Catharines ON L2R 3B9 Prairie Region Informant Leads Centre Tel.: 1-866-453-0450 (toll free) Fax: 204-984-6721 Mail: Prairie Region Informant Leads Centre Winnipeg Tax Services Office 325 Broadway, 5th Floor Post Office Box 1022 Winnipeg MB R3C 2W2 Pacific Region Informant Leads Centre Tel.: 1-866-846-3535 (toll free) Fax: 250-470-5060 Mail: Pacific Region Informant Leads Centre Southern Interior Tax Services Office c/o Surrey Tax Centre 9755 King George Highway Surrey BC V3T 5E1

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