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MANAGEMENT ASSISTANCE INC. LIQUIDATING TRUST ANNOUNCES TAX REFUND SUBJECT TO JOINT COMMITTEE REVIEW AND EXTENSION OF TRUST

 MANAGEMENT ASSISTANCE INC. LIQUIDATING TRUST ANNOUNCES
 TAX REFUND SUBJECT TO JOINT COMMITTEE REVIEW AND EXTENSION OF TRUST
 NEW YORK, Aug. 11 /PRNewswire/ -- The trustees of the Management Assistance Inc. Liquidating Trust announced today that the Internal Revenue Service has informed the Trust that the refund due is subject to Joint Committee review. Accordingly, the IRS requested and the Trust agreed to an extension to Nov. 30, 1993, the period by which the IRS can assess tax regarding Management Assistance Inc.'s tax years 1984, 1985 and 1986. The trustees further stated that, because of the extension, they will, as permitted under the Trust agreement, extend the duration of the Trust to Jan. 9, 1994.
 On Feb. 27, 1992, the IRS completed its examination of open tax years and, subject to review of the agent's report by the IRS, the Trust expected to receive a net refund of $828,000 plus interest during 1992. This amount is comprised of refunds of $163,000 and $1,137,000 plus interest for tax years 1979 and 1984, respectively, less $472,000 tax deficiency plus interest for tax year 1985. At that time, the agent informed the Trust that, because the refund of $828,000 was less than $1,000,000, it was not subject to review by Joint Committee. However, the IRS has now informed the Trust that prior refunds received are included in determining the value of the case for Joint Committee review. In 1986 and 1987, the Trust received funds of approximately $46,000 and $1,800,000 plus interest, respectively.
 The IRS has processed the tax deficiency of $472,000 and has notified the Trust that prompt payment is required. The Trust has requested the deficiency be offset against the refunds.
 -0- 8/11/92
 /CONTACT: Daniel R. Kail, managing trustee of Management Assistance Inc. Liquidating Trust, 212-826-3666/ CO: Management Assistance Inc. Liquidating Trust ST: New York IN: FIN SU:


TM -- NY089 -- 9123 08/11/92 16:38 EDT
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Publication:PR Newswire
Date:Aug 11, 1992
Words:329
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