| A.
R. Kakhsaz Company
an accountancy corporation
Member
American Institute of
Certified Public Accountants
International associates:
Tavana & Co.
Chartered Accountants
Toronto, Canada
Tel.416-229-2221
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SALES OF FIXED
ANNUITIES IN SECOND QUARTER 2002 hit a record $29.5 billion, up 72%
from a year ago. With the stagnant stock market heading towards its
third straight losing year, investors seeking stable returns are pouring
record amounts into these products that offer risk-free returns at rates
of generally above 5%. Your returns or profits on fixed annuities
are not taxed until you actually withdraw the money. FEDERAL
TAX COLLECTIONS continue to decline : Federal individual income tax
collections through July 31, show a decline of 18%, corporate income tax
collections tumbled by 16% and estate tax collections fell by 8%, as
compared with a year earlier.
14 MILLION SQUARE FEET OF LEASED SPACE
was destroyed in the 9/11 attacks to the World Trade Center
buildings in Downtown Manhattan.
WHY CAN THEY NOT MAKE UP THEIR MINDS? One
day after putting out a world-wide alert for a Saudi national identified
as a suspected associate of the September 11 hijackers, the federal
officials declared: they don't know of he has any connection to the
attacks!
U.S. REMAINS TOP MERCHANT IN ARMS SALES.
Although, international arms sales fell to $26.4 billion in 2001 from $40
billion in 2000.
MANY FIREFIGHTERS WHO SURVIVED THE 9/11 attacks suffered from
persistent hard-coughing, referred to by their doctors as "World
Trade Center cough."
TOYOTA PRIUS owners get $2,000 tax deduction, said the IRS.
That's to boost demand for environmentally friendly gas and electric
cars. The Prius is one of three hybrid cars on sale in the U.S. and
the first to be certified (the other two have now also been certified) by
the IRS for the deduction. Owners of such cars can get the $2,000
deduction for the year in which they started driving the car. If you
owned a Prius in prior years you may file an amended return to claim the
deduction. To qualify, you don't have to itemize your
deductions. Claim the deduction as an adjustment to your income.
THE FEDERAL GOVERNMENT WILL REQUIRE TV-set makers to include
digital turners in all new sets by 2006.
THE LARGEST PART of the wealth included in estates in the year
2000 was the value of publicly traded stocks, according to the IRS.
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This HALLOWEEN see you at DRACULA LAND: Werewolves,
blood-sucking vampires and legions of the undead have all emerged
from the misty fog of these Transylvanian forests. "These
trees were here in the time of Dracula. Main Street will run
through here. The center for vampirology will be there.
A little train will connect it all. We'll have Draculas who
will walk, speak, fly and land," says Romania's tourism
minister. "But don't get the wrong idea," he
says. "This won't be Disneyland." There will
also be an interesting Dracula golf course, a food court and a
bizarre bazaar where all Draculabillia will be on sale, including
among other things, Dracula vodka (clear, not red). One
proposal is to sell drawings of visitor's portraits by using their
own blood. Construction of Dracula Park near Bucharest,
Romania is to be completed in 2003.
the Generalist, a one-page monthly publication of
the accounting firm of A. R. Kakhsaz Company, is in its
eighth year of providing information, presented fairly and
accurately, from sources we can depend upon and trust.
AGENCIES OF THE U.S. JUSTICE DEPARTMENT reported 775
weapons and 400 laptop computers missing since 1999. The FBI
and the INS lost the most items. Some of the guns were used in
crimes and some of the computers were holding sensitive data.
Visit our website at ARKCPA.COM
please.
UNBANKED PEOPLE: 10 MILLION AMERICANS don't have bank
accounts. They're mostly poor, but would be better off if they
had bank accounts. Bank accounts are passports for admission
to the mainstream economy. These people don't save. They
pay hefty fees to cash checks or pay bills. And they aren't
building the credit record needed to get reasonably priced
mortgages. The number of check-cashing outlets has doubled in
the past five years. Revenues of payday lenders has now
surpassed $2 billion from $800 million in 1998. The lenders
charge flat fees to cash checks at 3% of the checks face value and
charge interest on these loans at an annual rate of 300% to
400%. Most states allow this breach of usury laws because,
among other things, it spares people going to illegal loan sharks!
WE SEE
MORE IN NUMBERS than just numbers…
Ali R. Kakhsaz, CPA, MAcc
www.arkpca.com
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