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(c) CONTINGENCIES: WAITING FOR THE OTHER SHOE TO DROP During life we enter into many open transactions While we are waiting for the son s or daughter s business to succeed; the lease we co-signed for their business location is the other shoe waiting to drop Items like this must be disclosed Among the contingent liabilities that should be considered for disclosure are:
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Personal guarantees on others loans Liabilities for limited partnership obligations Lawsuits against the person Inadequate medical insurance coverage Noncoverage for personal liability
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Statement of Accounting Standards (SFAS) No 5, Accounting for Contingencies, as amended, provides guidance on whether a contingent liability should be recorded, disclosed in a footnote, or omitted This pronouncement says, in short, that a liability should be recorded if its related contingent loss or range of loss can be estimated and its occurrence is probable If the amount of loss cannot be estimated but its occurrence is either probable or possible, the related liability should be disclosed in a footnote If its occurrence is remote, neither recording nor disclosure is required (d) PAYING THE DEVIL HIS DUE! INCOME TAXES! Income taxes currently payable include any unpaid income taxes for past tax years, deferred income taxes arising from timing differences, and the estimated amount of income taxes accrued for the elapsed portion of the current tax year to the date of the statement If the statement date coincides with the tax year end, then there is obviously no dif culty in estimating the amount for the current year If the dates do not coincide, the estimate should be based on taxable income to date and the tax rate applicable to estimated taxable income for the whole year The taxes for the current year should be shown net of amounts withheld from pay or paid with estimated tax returns Estimated income taxes are shown after the liabilities but before net worth on the statement of condition
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415 PROVISION FOR INCOME TAXES
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(a) DEFINITION The personal nancial statement should show an estimate for the income taxes that would be owed if all of the person s assets were sold, and all of his or her liabilities paid, on the date of the statement This estimate known as a provision should be shown under its full title as given in SOP 82 1: Estimated income taxes on the differences between the estimated current values of assets and the estimated current amounts of liabilities and their tax bases It is presented in the statement as one amount and is shown between liabilities and net worth A note discloses the methods and assumptions used to compute it (see Exhibit 412) (b) COMPUTING THE PROVISION FOR INCOME TAXES Currently applicable income tax laws and regulations, state and local as well as federal, should be used in computing the provision for income taxes Items for consideration include:
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Recapture of depreciation Available carryovers of losses, credits or deductions The exclusion for the gain on the sale of a residence Deductible state income taxes Alternative minimum taxes
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416 STATEMENT OF CHANGES IN NET WORTH
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Because most of these considerations apply to some assets or liabilities but not to others, the provision for income taxes should be computed separately for each asset and each liability It is not necessary, however, to disclose all these computations in the note For example, note 12 in Exhibit 412, which is reproduced from SOP 82 1, shows only the excess of estimated current values over the tax bases of major assets (c) TAX BASIS It is often dif cult to determine the tax basis of an asset or liability acquired long ago or by inheritance or trade In such a case, the preparer may use a conservative estimate of the tax basis in computing the provision for income taxes, with a note disclosing how the estimate was determined (d) DISCLAIMER SOP 82 1 requires a statement that the provision will probably differ from the amounts of income taxes that might eventually be paid because those amounts are determined by the timing and the method of disposal, realization, or liquidation and the tax laws and regulations in effect at the time of disposal, realization, or liquidation This statement should be made in the note (see Exhibit 412, note 12) (e) OMISSION OF DISCLOSURE In addition to omitting the deferred tax liability some practitioners will also not estimate the income tax liability for the provision for income taxes This departure from GAAP must be disclosed in the report In our experience many personal statements are prepared in connection with bank requirements for loans We have found that for most of those loans the banks are not concerned with the amount of estimated taxes on appreciation in value of assets What they are concerned with are the unpaid income tax obligations for the current and prior years and other short-term liquidity issues If not provided by the client, one technique to obtain the federal tax liability is to obtain a transcript of the individuals current and prior tax year records The transcripts are available if a power of attorney, Form 2848, has been led with the Internal Revenue Service
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