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Microcap & Penny Stocks : DGIV-A-HOLICS...FAMILY CHIT CHAT ONLY!! -- Ignore unavailable to you. Want to Upgrade?

To: E'Lane who wrote (37959)	2/9/1999 2:54:00 PM
From: Midnightsun	Respond to of 50264

Must be story time. Following is possible true story: Jane and Paul visit the psychiatrist office. The psychiatrist says Paul I don't know you very well why don't you start from the beginning. Sure says Paul, In the beginning I created the heavens and earth.......... Jane what's your problem? Jane says, I visit the SI thread and tell everyone about all the money I'm making and the stocks I buy and nobody listens to me. The psychiatrist says NEXT. My apologies to Henny Youngman

To: E'Lane who wrote (37959)	2/9/1999 2:57:00 PM
From: Jack Colton	Respond to of 50264

I thought if you had 3 kids, the IRS would leave you alone... I went through a 6 week audit (count them s-i-x) in 1988 for the 86 returns. To make a long story short, they spent 3 weeks looking at 86 (found nothing wrong), 1 week on 85 (found nothing wrong) and 2 weeks on 87 (found something wrong). What they found wrong was this: At the end on 1997, the manufacturers I do business with, shipped everything that was not nailed down on the last days of the year - to get their A/R up. Well, dumb old us, here we are sitting around in April, doing a tax return, and we see all of these invoices dated 12/31/87 - which we put in "Payables" right? What's the ofsetting asses account for thoses? "Inventory" right? The IRS examiner (a cute young woman whom I befriended and said 'the whole place is yours') asked if we really had that inventory on 12/31/87. Well, of course not, it was in transit. She said we had overstated our assests by over $200,000 and were due a refund with interest on it. YAHOoooooo! Needless to say, her boss probably got the ax, for having her spend soooo much time in a situation that was clearly "audit unwarranted!" And that's da twruth...... Jack