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Unformatted text preview: total). The client plans to litigate the matter since management, its tax counsel, and our tax department believe the company has an excellent chance of winning, or, at a minimum, substantially reducing the deficiency. If the courts were to uphold the position of the IRS, the company would also owe $500,000 more in taxes for this year than has been provided. The company has total assets of $125,000,000, stockholders equity of $65 million, current assets of $70 million, and net income of $12 million...
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- Fall '08