Printer Friendly

IRS PROPOSES CBL MEDICAL CHANGE TAX METHOD

 LOS ANGELES, May 28 /PRNewswire/ -- CBL Medical, Inc. (NASDAQ: CBLM), announced today it has received a report from the Internal Revenue Service proposing a federal tax deficiency adjustment for the year ended Dec. 31, 1991.
 Robert B. Mishkin, president, stated, "The Service is contending that CBL should report income for federal income tax purposes based on the accrual method of accounting rather than the cash method. The ultimate resolution of the matter should not result in a charge to earnings (except for possible interest and penalties) because the issue is not the amount of the company's tax liability, but rather when that liability is to be paid. The company and its tax advisors believe its income has been reported properly and within the rules and regulations of the Internal Revenue Code. Accordingly, the proposed deficiency of approximately $2,165,000 plus penalties and interest will be vigorously contested. Further, if the Service were successful in requiring CBL to change its tax reporting method, management believes the loss available for federal tax purposes for the year ended Dec. 31, 1992, would be sufficient to offset the proposed 1991 federal tax deficiency."
 CBL Medical, Inc., currently manages ten medical centers and co-owns four work simulation centers.
 -0- 5/28/93
 /CONTACT: Robert B. Mishkin, president of CBL Medical, 310-788-5845/
 (CBLM)


CO: CBL Medical, Inc. ST: California IN: HEA SU:

GK-OS -- NY048 -- 3478 05/28/93 15:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1993
Words:236
Previous Article:MARIO ANDRETTI SIGNS LONG-TERM AGREEMENT WITH TEXACO MULTI-YEAR PERSONAL SERVICE CONTRACT ANNOUNCED
Next Article:TELECOM CORPORATION MAKES ANNOUNCEMENT
Topics:


Related Articles
CBL MEDICAL INC. ANNOUNCES JOINT VENTURE TO ESTABLISH CENTERS FOR VOCATIONAL REHABILITATION SERVICES INC.
PROJECTED EARNINGS ON TARGET; PROPOSED WORKERS' COMP CHANGES WOULD NOT HAVE MATERIALLY ADVERSE EFFECT
PROJECTED EARNINGS ON TARGET; PROPOSED WORKERS' COMP CHANGES WOULD NOT HAVE MATERIALLY ADVERSE EFFECT
CBL MEDICAL REPORTS FIRST QUARTER RESULTS
IRS will allow lenders to defer sec. 461(g)(2) points as OID.
Notice 96-40: possible changes to procedures to request accounting method changes under Rev. Proc. 92-20: October 18, 1996.
Comments on Notice 98-31, Service-initiated accounting method changes.
Notice 98-31 and guidance on involuntary method changes.
IRS states position on hybrid plan arrangements.
Significant new guidance for changing an accounting method.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters