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Technology Stocks : Gateway (GTW)

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To: IceShark who wrote (5723)	4/7/1998 5:02:00 PM
From: Terry	Read Replies (1) of 8002

The 10-K does not allude to which states specifically it does not pay taxes. Here is the quote: "Over the past several years, state tax authorities have made inquiries as to whether or not the company's alleged contacts with those states might require the collection of sales and use taxes from customers and/or the payment of income tax in those states. The company evaluates such inquiries on a case-by-case basis, and will vigorously contest any such claims for payment of taxes which it believes are without merit. The company has favorably resolved these types of tax issues in the past without any material adverse consequences. However, there can be no assurance that the amount of any sales or use taxes the company might ultimately be required to pay for prior periods would not materially affect the company's results of operations or cash flows in any given reporting period." It goes on to say that they pay state income taxes in the states where it has a physical presence but not in other states. Beyond the issues I have already discussed, the new channel assembly programs could certainly be a threat.

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