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" I AM NOT AS STUPID AS I LOOK, " said Harvey Pitt before his resignation as chairman of the SEC, responding to criticisms directed at him for a "growing number of . . . inappropriate or improper actions."  

HE HAS THE POTENTIAL to do for basketball in the world's biggest untapped market, as Magic Johnson, Larry Bird, and Michael Jordan did in the U.S. in the 1980s and '90s: He is a 7-foot-5, skinny 22-year-old, named Yao Ming, who joined the Houston Rockets as the NBA's number 1 draft pick last summer.  The deal may usher a new era of internationalism in sports and reap rewards for Nike, the NBA and China.

WANT BACK ISSUES OF the Generalist? Go to our Website: ARKCPA.COM

PFIZER RECEIVED A BROAD U.S. PATENT covering the way Viagra works to treat impotence.  The drug-making company has now filed two lawsuits to block rivals from selling competing products by relying on the same biological mechanism.  Pfizer considers the patent as providing protection on its intellectual property.

AFTER LOSING HIS LIFE SAVINGS AT A CASINO, David N. Williams, 52, is now betting on the courts to win his money back.  He filed a lawsuit in federal court contending that is addiction to gamboling was so severe that the casino should have cut him off.  His suit maintains that the casino let him return within a year after he was hospitalized for gamboling addiction.  And that the casino enticed him with promotional mailings.  He seeks to recover more than $175,000 plus punitive damages.  There are some half dozen other similar cases pending throughout the U.S. , raising a critical question for the gamboling industry:  At what point should a casino stop addicted gamblers from gamboling?  "Gamboling is a game, but pathological gamboling is a sickness," asserts Mr. Williams's lawyer.

Abigail Van Buren (Dear Abby) said she was at a total loss to reply to he following letter:

Dear Abby:

A couple of women moved in across the hall from me.  One is a middle-aged gym teacher, and the other is a social worker in her mid twenties.  These two women go everywhere together, and I've never seen a man go into their apartment or come out.  Do you think they could be Lebanese? 

FBI OPENED AN OFFICE IN BEIJING, CHINA

LOVE: " A four-letter word, two vowels, two consonants, and two idiots. "

the Generalist, a one-page monthly publication of the accounting firm of A. R. Kakhsaz Company, is in its ninth year of providing information, presented fairly and accurately, from sources we can depend upon and trust.

WISHFUL THINKING: Chairman of Fiat, the Italian auto maker, said he sees GM's write-off of it's share of ownership in Fiat as setting the stage for purchase talks!

THE IRS's K-1 MATCHING PROGRAM IS FLAWED. As the number of the K-1sand their amounts substantially increased in recent years, the IRS launched, early last year, a campaign designed to curb tax evasion among people with income from partnerships, trusts, and S corporations.  The IRS computers matched more than 18 million of the K-1s for the 2000 tax year, covering $1.2 trillion in income, to what was reported on the personal income-tax returns of related partners, beneficiaries and stockholders.  But because of poor design of the program thousands of innocent bystanders were also caught up in such IRS's anti-cheating campaign.  The IRS through July 2001, has sent 65,000 letters to taxpayers, informing them of mismatches and assessing them with additional taxes, interest and penalties.  The IRS says that notices that have already been issued are valid and will be processed as usual.  And that it has apparently removed the problems in the program and has started using it in matching the 2001 returns.  I believe, however, that the program will not function properly unless changes are made to the related tax forms and reporting procedures. 

WE SEE MORE IN NUMBERS than just numbers… We see opportunities for you. 

Ali R. Kakhsaz, CPA, MAcc

www.arkpca.com