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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook -- Ignore unavailable to you. Want to Upgrade?

To: Techplayer who wrote (6451)	8/26/1999 2:07:00 AM
From: Jay Fisk	Read Replies (1) \| Respond to of 8858

Think Starnet is a Canadian company ??? Wrong. Think Delaware USA registry. Interesting tax ramifications from SEC filing: STARNET COMMUNICATIONS INTERNATIONAL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in United States dollars) Year ended April 30, 1999 9. INCOME TAXES (a) Prior to 1998, all of the Company's operations were located in Canada. The income tax provision differs from the amount that would be computed by applying the combined federal and provincial income tax rate of 45.6% to the loss before taxes as follows: 1999 1998 $ $ - ------------------------------------------------------------------------------ Provision based on income (loss) before income taxes 946,727 (451,402) Increase (decrease) in tax provision resulting from: Expenses not deductible for income tax purposes 18,145 89,300 Benefit of U.S. tax loss not currently recognized 407,356 129,460 Lower effective income tax rates of foreign subsidiaries (1,141,530) 208,025 Tax arising on software transfer - 70,294 Recognition of operating loss carryforward (122,856) (9,275) Other (74,360) 12,076 - ------------------------------------------------------------------------------ 33,482 48,478 - ------------------------------------------------------------------------------