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Microcap & Penny Stocks : FAMH - FIRAMADA Staffing Services
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To: Little Engine who wrote (24313)9/26/1998 4:20:00 PM
From: Dick Jaffe  Read Replies (2) of 27968
 
There was no check from the IRS. That $95,000 figure is the estimated FUTURE tax benefit of the accrued losses applied to POSSIBLE future profits.

The disturbing thing to me (and I am a retired IRS Special Agent) is the $300,000 plus penalty assessed against the company for failure to pay their employees'trust fund withholding taxes at the same time that Arif is borrowing money from the company. What this amounts to is his use of IRS trust fund money for his own benefit. Uncle Sam frowns on that practice and it appears that the IRS people in California failed to do their homework before approving the Myriad deal (or they were really desperate to close that case).
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