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To: Amy J who wrote (168036)7/12/2002 1:55:37 AM
From: Tenchusatsu  Respond to of 186894
 
Amy, you're scary. ;-) <EOM>



To: Amy J who wrote (168036)7/12/2002 2:12:46 AM
From: L. Adam Latham  Read Replies (1) | Respond to of 186894
 
Amy:

Re: So, does the IRS owe money to all those companies that overstated their revenues if they had profits that were also overstated?

Interesting question. I'm no tax attorney, but I'd say that if the company can show that they overpaid their corporate taxes to the IRS, then they could file an amended return.

That being said, the fines from the SEC and other regulatory agencies for their accounting shenanigans would probably eat up the tax refund.

Adam



To: Amy J who wrote (168036)7/12/2002 3:23:50 AM
From: Jim McMannis  Read Replies (1) | Respond to of 186894
 
RE:"Tax is a function of profits. So, does the IRS owe money to all those companies that overstated their revenues if they had profits that were also overstated?"

A marvelous question indeed!
I suppose they can file an amended return and get money back.

Jim


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