ÿþ<head> <link rel=Stylesheet type="text/css" media=all href="/zimbra/css/msgview.css?v=100420120920"> <style> <!-- /* Font Definitions */ @font-face {font-family:Calibri; panose-1:2 15 5 2 2 2 4 3 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520092929 1073786111 9 0 415 0;} @font-face {font-family:Tahoma; panose-1:2 11 6 4 3 5 4 4 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-520081665 -1073717157 41 0 66047 0;} @font-face {font-family:Verdana; panose-1:2 11 6 4 3 5 4 4 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:-1593833729 1073750107 16 0 415 0;} @font-face {font-family:"Arial Black"; panose-1:2 11 10 4 2 1 2 2 2 4; mso-font-charset:0; mso-generic-font-family:swiss; mso-font-pitch:variable; mso-font-signature:647 0 0 0 159 0;} @font-face {font-family:Georgia; panose-1:2 4 5 2 5 4 5 2 3 3; mso-font-charset:0; mso-generic-font-family:roman; 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color:#660000'>Talking Points</span><span style='font-family:"Georgia","serif"; color:#660000'> </span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#660000; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK3"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="50%" style='width:50.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:white'>Volume: 4 Issue: 9 </span></p> </td> <td width="50%" style='width:50.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=right style='text-align:right'><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:white'>July 14, 2010 </span></p> </td> </tr> </table> </td> </tr> </table> <p class=MsoNormal>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK4"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td valign=top style='background:white;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=450 style='width:337.5pt;mso-cellspacing:0in;background:white; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="100%" valign=top style='width:100.0%;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX21NTinY92-5P-jiD7iOfrMWBB7Mci8JWSF76KzLM-YJonPyqBW09zTAtQhxGM2eMN_kAcaqBU-G0KXZ7NNjdpE0edSkcj6AuE4=" target="_blank"><span style='text-decoration:none;text-underline: none'><img border=0 width=640 height=140 id="_x0000_i1025" src="http://ih.constantcontact.com/fs023/1103027403846/img/1.jpg" alt="RLS logo"></span></a></span></p> </td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK6></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK6"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="99%" style='width:99.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt'><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'>New tax laws to create flurry of paperwork for business<br> </span><span style='font-family:"Arial","sans-serif";color:#D78519'>New healthcare law includes expanded 1099 reporting rules</span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt;text-align:justify'><span style='color:black'>Companies need to brace themselves for an onslaught of increased paperwork in the com</span><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" o:spt="75" o:preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"/> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"/> <v:f eqn="sum @0 1 0"/> <v:f eqn="sum 0 0 @1"/> <v:f eqn="prod @2 1 2"/> <v:f eqn="prod @3 21600 pixelWidth"/> <v:f eqn="prod @3 21600 pixelHeight"/> <v:f eqn="sum @0 0 1"/> <v:f eqn="prod @6 1 2"/> <v:f eqn="prod @7 21600 pixelWidth"/> <v:f eqn="sum @8 21600 0"/> <v:f eqn="prod @7 21600 pixelHeight"/> <v:f eqn="sum @10 21600 0"/> </v:formulas> <v:path o:extrusionok="f" gradientshapeok="t" o:connecttype="rect"/> <o:lock v:ext="edit" aspectratio="t"/> </v:shapetype><v:shape id="_x0000_s1026" type="#_x0000_t75" alt="Paperwork" style='position:absolute;left:0;text-align:left;margin-left:146.6pt; margin-top:0;width:124.5pt;height:117.75pt;z-index:251658240; mso-wrap-distance-left:0;mso-wrap-distance-top:0; mso-wrap-distance-right:0;mso-wrap-distance-bottom:0; mso-position-horizontal:right;mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="http://ih.constantcontact.com/fs023/1103027403846/img/33.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=166 height=157 src="http://ih.constantcontact.com/fs023/1103027403846/img/33.jpg" align=right alt=Paperwork v:shapes="_x0000_s1026"><![endif]><span style='color:black'>ing years, thanks to the new federal healthcare law. <strong>Beginning in 2012</strong>, businesses will be required to file 1099s for many more services, and as a result, will be required to obtain Tax Identification Numbers (TIN) for any number of vendors in order to properly file the forms. At the same time, business owners must be prepared to provide their TIN to other companies who must also file 1099s.<br> Businesses have long been required to report payments to individuals in excess of $600 for services and merchandise, but for the first time, 1099s must be sent to corporations for any product or service purchased. <br> Under the new rules, businesses will need to report on Forms 1099 payments for commissions, fees and other compensation paid to a single recipient in excess of $600 in a calendar year, as well as interest, rent, royalties, annuities and income items paid to a single recipient.<br> As it now stands business owners could have to give a 1099 to a hotel, restaurant, food vendor and any other person or entity they did business with during the year 2011. The new rules can be summed up easily: If a purchase crosses the $600 threshold, it requires a 1099.<br> Consider: A business owner could take several customers out to dinner and have to get a W-9 completed along with his dinner check so that a 1099 could be issued later in the year; <br> An office manager who runs to the office supply store to pick up a computer will need to issue that store - even a big-box retailer like Best Buy or Staples -&nbsp;a 1099;<br> A person who sells a piece of equipment to someone for over $600 can expect to receive a 1099; or<br> A business owner takes a business trip, and that person could end of issuing 1099s to the hotel, several restaurants, and the car rental agency.<br> Other examples that could be added to the 1099 burden: the phone company, the postage meter vendor, anyone from whom advertising was purchased, and the list goes on.<br> This all means that not only will businesses have to issues perhaps thousands of 1099s each year, they will also be responsible for obtaining and reporting correct tax identification numbers, addresses, names and so forth or risk accuracy-related penalties.&nbsp;As with current 1099 rules, businesses will be required to withhold and remit income taxes for payees for whom they don't have a federal ID number.&nbsp;<br> So, starting in 2012, a business that pays a corporation $600 or more in during the 2011 calendar year must report the total amount on a 1099 form. This business must also obtain a TIN from each affected payee or will be subject to backup withholding of federal income tax. Likewise, if this business sells property or is a corporate business, it will have to supply its customers with the TIN.<br> &quot;There is no doubt this will be an administrative nightmare for many businesses in the first year or two,&quot; Jamie Downey, a partner at Downey &amp; Co., told <i>The Boston Globe</i>. &quot;Have a large business-related meal at a restaurant, this will need to be reported on a 1099. Spend a week in a hotel in Waco, Texas, you will need to send a 1099.&quot;<br> An SMC Business Council survey of its members showed they file an average of 10 1099 forms a year, each of which takes about 30 minutes to prepare. SMC's survey found that adding the number of 1099s filed for just services purchased from corporations would push that number to at least 200 filings per year for a typical small business - adding an estimated $6,000 to the cost of preparing the average tax return. This does not even account for the requirement that 1099s will need to be filed for purchases of goods, CNNMoney.com reported.<br> &quot;It's a pretty heavy administrative burden,&quot; Bill Rys, tax counsel for the National Federation of Independent Businesses, told CNNMoney.com.<br> The rationale behind these new rules appears to be an effort to capture unreported or underreported income, which could be used to offset the cost of implementing the new healthcare law. Indeed, the IRS estimates the federal government loses more than $300 billion each year in tax revenue on income that goes unreported, according to CNNMoney, and some experts believe the IRS's attempt to collect lost revenue from companies that underreport income is expected to raise $17 billion over 10 years. <br> Challenges to this new law are already underway. U.S. Rep. Daniel Lungren (R-Calif.) introduced on April 26 legislation to repeal this provision of the new healthcare law. <br> <strong>We strongly suggest you contact your </strong><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX20sdEIT0uX1mqTnro7h6qI-1_9453c0Ro8cwWGWh70YZTtO3XsLI04R2bqWP29zECwBEZUlgeZxvAnxoVduVukl8Z57tuuDMXA=" target="_blank"><strong>Congressmen</strong></a><strong> and </strong><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX222QHj-Gzfd_tlDJq8oQ_msqfiXIjysxYjZvViiiytI_9C6BFgx_EcT4lTpW-Y9s-RR22OQJ5Y8htXwQZJGuD7bCJkMcMlY7fdBjoByBWNEcnicTVdFKzr7hFUa46Zl43XLWX4nRZGZsV803uZU_NQOMu8a-uS7J9VYp6XNVAKIT296ix786SzD" target="_blank"><strong>Senators</strong></a><strong> and urge them to work to repeal this law, delay implementation or increase exemptions. </strong></span></p> <div> <p class=MsoNormal style='margin-bottom:7.5pt;text-align:justify'>&nbsp;</p> </div> <p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify'><b><span style='color:black'><br> </span></b><i><span style='font-size:10.0pt;color:black'>Sources: </span></i><span style='font-size:10.0pt;color:black'><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX22XU0JPGbhleXOrBkSyFAejRHAavaLftozB0Rq5Vow0Bp9Gwow8ZIW72prh4biETlRfJj8tZ83odu-75LqncnJfRwFwnEHaokwO1-DgagCttg==" target="_blank"><i>The Tax Strategist</i></a><i>, June 2010, </i><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX21ovo8gWn24x23JVgrN5x3ioVzeYDZltsTzF0BXh3-1x0_Sx1L2RwCHR5hpYyeSFW-UlAXhXvRicVICjPgNYOfJoi8T2FOgENuNNpRXJ4PDeIRMfRr2A85uaxQOFcMJfwYB-URJzh9I_wN1zSvwVxPaOyNSm1p4J7AU0WMCbHqTQU6DHHullaTHBtR1_N_cF49i77pdZYrpeKo6BxgCp6Dx" target="_blank"><i>AccountingWEB.com</i></a><i>, May 26, 2010, &quot;Stealth IRS changes mean millions of new tax forms,&quot; </i><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX20Co4_ChGXN5REDn0AOZX80D8A766u5b7cXeDtIKW2zxV33Z4O_oMC2AKzv2uOKmWNVEvdAS3I_ZXPq28NVJgyCO115D7YyczFw42_x9wsREfaz8jz3IcjIf_qp8tim3952tWhxJaEeSFaNTylE2eWwo5FCQhe7G0Tjw1HBuPU_pA==" target="_blank"><i>CNNMoney.com</i></a><i>, May 21, 2010.</i></span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK8></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK8"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="99%" style='width:99.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt'><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'>Retirees can breathe easier with tax relief<br> </span><span style='font-family:"Arial","sans-serif";color:#D78519'>New Ga. law rolls back retirement income tax</span><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'> </span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:12.0pt;text-align:justify'><!--[if gte vml 1]><v:shape id="_x0000_s1027" type="#_x0000_t75" alt="Sailboat" style='position:absolute; left:0;text-align:left;margin-left:157.1pt;margin-top:0;width:129.75pt; height:64.5pt;z-index:251659264;mso-wrap-distance-left:0; mso-wrap-distance-top:0;mso-wrap-distance-right:0; mso-wrap-distance-bottom:0;mso-position-horizontal:right; mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="http://ih.constantcontact.com/fs023/1103027403846/img/32.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=173 height=86 src="http://ih.constantcontact.com/fs023/1103027403846/img/32.jpg" align=right alt=Sailboat v:shapes="_x0000_s1027"><![endif]><span style='color:black'>Beginning in 2012, retirees in Georgia will see their taxes on retirement income ease. Legislation enacted this year phases out the Georgia personal income tax on retirement income beginning with the 2012 tax year. Taxpayers between the ages 62 and 65 years during that year, or who are permanently and totally disabled, can exclude up to $35,000 per year. Taxpayers 65 and older can exclude up to $65,000 for tax year 2012. That exclusion continually rises until the 2016 tax year when taxation on retirement income is completely eliminated for those 65 and older. Retirement income includes interest income, dividend income, net income from rental property, capital gains income, income from royalties, income from pensions and annuities and up to $4,000 of an individual's earned income.</span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK10></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK10"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="99%" style='width:99.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt'><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'>Do the math<br> </span><span style='font-family:"Arial","sans-serif";color:#D78519'>Two financial measurements help gauge strength of business</span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt;text-align:justify'><b><span style='color:black'>By Freya Meyers, CPA</span></b><span style='color:black'><br> McDonald's owner/operators should use two benchmarks to take the financial pulse of their restaurants: liability turnover and net equity percentage. These are two of th</span><!--[if gte vml 1]><v:shape id="_x0000_s1028" type="#_x0000_t75" alt="" style='position:absolute; left:0;text-align:left;margin-left:167.6pt;margin-top:0;width:135pt; height:87pt;z-index:251660288;mso-wrap-distance-left:0; mso-wrap-distance-top:0;mso-wrap-distance-right:0; mso-wrap-distance-bottom:0;mso-position-horizontal:right; mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="https://imgssl.constantcontact.com/ui/stock1/9o8n0e1d.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=180 height=116 src="https://imgssl.constantcontact.com/ui/stock1/9o8n0e1d.jpg" align=right v:shapes="_x0000_s1028"><![endif]><span style='color: black'>e balance sheet measures that McDonald's calculates to determine the solvency of an organization.<br> <b><u>Liability Turnover in Days</u></b> is computed when an operator's working capital is negative. This happens when &quot;current assets&quot; are less than &quot;current liabilities.&quot; This number identifies the number of days of next month's sales that are needed to cover this deficit. According to McDonald's guidelines, this should be fewer than seven days.&nbsp;&nbsp; <br> To compute liability turnover, divide the company's negative working capital by the average daily sales. Average daily sales is calculated by dividing the trailing twelve months sales (TTMS) by the number of days open for business during the year.&nbsp; For example, <br> <br> TTMS&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; &nbsp;&nbsp; $2,500,000<br> / No. of days open during year &nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; 363</u><br> = Average Daily Sales&nbsp;&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; $6,887<br> &nbsp;<br> Negative Working Capital&nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; $20,661<br> / Average Daily Sales&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;<u> &nbsp;&nbsp;&nbsp;&nbsp; 6,887</u><br> <b>= Liability Turnover (Days)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 Days </b>- <i>meets less than 7-day target</i><br> &nbsp; <br> <b><u>Net Equity Percentage</u></b> is the percentage of a business' value that is not financed with debt.&nbsp; This is computed by taking the estimated value of the business, subtracting the required reinvestments, current liabilities and long-term liabilities, then adding back current assets. This number is the company's net equity, which is then divided by the business' value to arrive at the net equity percentage.&nbsp; McDonald's requires that the net equity percentage be at least 25 percent.<br> Consider this example when calculating your net equity percentage:<br> &nbsp;<br> Value of the Business&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1,800,000<br> - Required Reinvestments&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50,000)<br> - Current Liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (200,000)<br> - Long-term Liabilities&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(700,000)<br> + Current Assets&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500,000</u><br> = Net Equity&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,350,000<br> / Value of the Business&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;<u>&nbsp;1,800,000</u><br> = <b>Net Equity Percentage&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 percent</b> - <i>meets 25 percent target</i><br> &nbsp;<br> Please contact us if you would like our assistance in computing either or these financial measures for you or if you have any questions.</span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK21></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK21"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td width="99%" style='width:99.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt'><span style='font-size:14.0pt;font-family:"Arial Black","sans-serif"; color:#330000'>McDonald's: Public sides with Happy Meals </span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt'><b><span style='color:black'>By Cheryl V. Jackson</span></b><span style='color:black'><br> <i>Chicago Sun-Times</i><br> </span><!--[if gte vml 1]><v:shape id="_x0000_s1029" type="#_x0000_t75" alt="McDonald's logo" style='position:absolute;margin-left:118.1pt; margin-top:0;width:110.25pt;height:105.75pt;z-index:251661312; mso-wrap-distance-left:0;mso-wrap-distance-top:0; mso-wrap-distance-right:0;mso-wrap-distance-bottom:0; mso-position-horizontal:right;mso-position-horizontal-relative:text; mso-position-vertical-relative:line' o:allowoverlap="f"> <v:imagedata src="http://ih.constantcontact.com/fs023/1103027403846/img/29.jpg"/> <w:wrap type="square"/> </v:shape><![endif]--><![if !vml]><img width=147 height=141 src="http://ih.constantcontact.com/fs023/1103027403846/img/29.jpg" align=right alt="McDonald's logo" v:shapes="_x0000_s1029"><![endif]><span style='color:black'>The Happy Meals toys are staying, according to a letter sent this week by McDonald's CEO Jim Skinner to a health watchdog group that criticized the popular kids' meals and how they are marketed.<br> The Center for Science in the Public Interest in June threatened a lawsuit against the fast-food giant to get it to dump the toys that accompany Happy Meals.<br> Forget it, Skinner said, defending Happy Meals in the written response sent to the Washington, D.C.-based group.<br> &quot;Internet sites, blogs and network surveys suggest that public opinion is running overwhelmingly against your premise,&quot; Skinner wrote. &quot;Our customer Web sites and phone lines at McDonald's are also busy, with more than nine out of 10 customers disagreeing with your agenda.&quot;<br> The strong public response is uncommon for the company, whose dominance in the fast-food industry makes it a target of a range of activist groups.<br> &quot;CSPI is wrong in its assertions, and frivolous in its legal threats,&quot; Skinner said, calling the group's claims &quot;over-the-top rhetoric.&quot;<br> Seeking to turn the tables on the group, Skinner called for an apology.<br> &quot;CSPI's twisted characterization of McDonald's as 'the stranger in the playground handing out candy to children' is an insult to every one of our franchisees and employees around the world,&quot; Skinner wrote. &quot;When CSPI refers to America's children as 'an unpaid drone army,' you similarly denigrate parents and families, because they are fully capable of making their own decisions. You should apologize.<br> &quot;Parents, in particular, strongly believe they have the right and responsibility to decide what's best for their children, not CSPI,&quot; he wrote. &quot;It's really that simple.&quot;<br> When it threatened to sue last month, the group called the use of toys to entice kids to eat Happy Meals &quot;unfair and deceptive marketing&quot; that &quot;is illegal under various state consumer protection laws.&quot; </span></p> <div> <p class=MsoNormal style='margin-bottom:7.5pt'>&nbsp;</p> </div> <p class=MsoNormal style='margin-bottom:7.5pt'><span style='color:black'><br> </span><i><span style='font-size:10.0pt;color:black'>Source: </span></i><span style='font-size:10.0pt;color:black'><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX23nl23EJ50zSxQCexUf_uDzp4WdCrsg0QxH0Z_QETvLPC4T7BVE692G4cylm-iAZ8CXLzaL750POiskrbhi6F-vW2H7HurH2CNMymAwR5RJ-aIJTWe3KZudMo3YICGQ40TPzV-ThEP2jM4FetrmWlQqz8BhYpQteHg=" target="_blank"><i>&quot;Happy Meals here to stay: McDonald's, Watchdog group wanted fast-food giant to dump toys,&quot;</i></a><i> Chicago Sun-Times, July 8, 2010</i></span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td width="100%" valign=top style='width:100.0%;padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#C7B87D; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK14"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt;text-align:justify'><i><span style='font-size:10.0pt;font-family:"Arial","sans-serif";color:#333333'>The Internal Revenue Service requires us to inform you that any tax advice contained in this letter cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any transaction or matter addressed herein.</span></i></p> </td> </tr> </table> </td> </tr> </table> </td> <td width=150 valign=top style='width:112.5pt;background:#CCCC99; padding:0in 0in 0in 0in'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td width="100%" valign=top style='width:100.0%;padding:3.75pt 3.75pt 3.75pt 3.75pt'> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td valign=top style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:white'>In This Issue</span></b><span style='font-size:10.0pt; font-family:"Arial","sans-serif";color:white'> </span></p> </td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK6"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>Burdensome 1099 Rules</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:2'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK8"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>Retirees' Relief</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:3'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK10"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>How Strong Is It?</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:4'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK21"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>Happy for Happy Meals</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:5'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK28"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>Words of Wisdom</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:6;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><a href="http://sz0171.wc.mail.comcast.net/zimbra/public/blank.html#LETTER.BLOCK24"><span style='font-size:10.0pt;font-family:"Verdana","sans-serif"; color:#1F4858'>Profit &amp; Loss Review</span></a> </p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK13"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><b><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:white'>Visit us online!</span></b><span style='font-size:10.0pt; font-family:"Arial","sans-serif";color:white'> </span></p> </td> </tr> <tr style='mso-yfti-irow:1;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><b><span style='font-family:"Verdana","sans-serif"; color:#4C869C'><a href="http://r20.rs6.net/tn.jsp?et=1103564804534&amp;s=2&amp;e=001Y3QXRXCbX21NTinY92-5P-jiD7iOfrMWBB7Mci8JWSF76KzLM-YJonPyqBW09zTAtQhxGM2eMN_kAcaqBU-G0KXZ7NNjdpE0edSkcj6AuE4=" target="_blank"><span style='color:white'>www.sparkmon.com</span></a></span></b></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK28></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#CCCC99; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK28"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><span style='font-size:18.0pt;color:black'>Words to live by ...</span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:12.0pt; text-align:center'><span style='font-family:"Arial","sans-serif"; color:#5A6C78'>Another way to look at life is to see it as a different kind of department store. A store where such things as worldly success, love of music, enjoyment of painting, a 6-handicap golf game, a close relationship with your son or daughter, and many other similar things are for sale. But the commodity with which they are purchased is not money but time. And quite contrary to the way the capitalist system works with money and goods, every one of us is given exactly the same amount of time in each hour, in each day and in each year. It is a limited amount, and it is impossible for anyone to be so rich in time that he can enjoy every single one of the things which time may buy.<br> So there is a choice to be made ...&quot; </span></p> <p class=MsoNormal align=right style='margin-bottom:7.5pt;text-align: right'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#5A6C78'>-<i>William Rehnquist, 16th Chief Justice, U.S. Supreme Court</i></span></p> </td> </tr> </table> <p class=MsoNormal>&nbsp;</p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;background:#9EAFAA; mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow: yes;height:.75pt'> <td style='padding:0in 0in 0in 0in;height:.75pt'></td> </tr> </table> <p class=MsoNormal><a name=LETTER.BLOCK24></a>&nbsp;<o:p></o:p></p> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width="100%" style='width:100.0%;mso-cellspacing:0in;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in' id="content_LETTER.BLOCK24"> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'></td> </tr> <tr style='mso-yfti-irow:1'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal align=center style='margin-bottom:7.5pt; text-align:center'><span style='font-size:14.0pt;font-family:"Arial","sans-serif"; color:black'>Keep tabs on profit and loss</span></p> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes'> <td style='padding:3.75pt 3.75pt 3.75pt 3.75pt'> <p class=MsoNormal style='margin-bottom:7.5pt;text-align:justify'><span style='color:#5A6C78'>It is imperative that McDonald's operators review their profit and loss statements on a monthly basis. The monthly P&amp;L provides feedback on the financial performance of a restaurant, so operators should review their costs as soon as possible after the end of each month to determine which costs need to be more closely watched or whether theft may be occurring. Without this timely and consistent oversight, any problems will become more significant.&nbsp; McDonald's requires that monthly P&amp;Ls be submitted by the 25th of the following month, but it is recommended that these statements are submitted by the 15th.&nbsp; </span></p> <p class=MsoNormal align=right style='margin-bottom:7.5pt;text-align: right'><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:#5A6C78'>-<b><i>Freya Meyers</i></b>, CPA</span></p> </td> </tr> </table> </td> </tr> </table> </td> </tr> </table> </td> </tr> <tr style='mso-yfti-irow:2;mso-yfti-lastrow:yes;height:7.5pt'> <td width="100%" style='width:100.0%;padding:.75pt .75pt .75pt .75pt; height:7.5pt'></td> </tr> </table> </div> </td> </tr> </table> </div> <p class=MsoNormal align=center style='text-align:center;background:white'><span style='color:black'>&nbsp;<o:p></o:p></span></p> <div align=center> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 style='mso-cellspacing:0in;mso-yfti-tbllook:1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <div> <p class=MsoNormal style='background:white'><b><span style='font-size:8.0pt; font-family:"Verdana","sans-serif";color:black'><a href="http://ui.constantcontact.com/sa/fwtf.jsp?m=1103027403846&amp;ea=kg%40sparkmon.com&amp;a=1103564804534" target="_blank">Forward email</a></span></b></p> </div> <table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0 width=600 style='width:6.25in;mso-cellspacing:0in;background:white;mso-yfti-tbllook: 1184;mso-padding-alt:0in 0in 0in 0in'> <tr style='mso-yfti-irow:0;mso-yfti-firstrow:yes;mso-yfti-lastrow:yes'> <td style='padding:0in 0in 0in 0in'> <p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:black'><a href="http://visitor.constantcontact.com/d.jsp?v=001cWKZW7QY-wpAZ84Yr0sU01pOkQxII2kPIsUNggWPyNjEb8YMZjUcTA%3D%3D&amp;p=un" target="_blank"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1026" src="http://img.constantcontact.com/letters/images/safe_unsubscribe_logo.gif" alt="Safe Unsubscribe"></span></a></span></p> <div> <p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:black'>This email was sent to <a href="mailto:kg@sparkmon.com">kg@sparkmon.com</a> by <a href="mailto:aimeeajones@yahoo.com" target="_blank">aimeeajones@yahoo.com</a>.</span></p> </div> <div> <p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:black'><a href="http://visitor.constantcontact.com/d.jsp?v=001cWKZW7QY-wpAZ84Yr0sU01pOkQxII2kPIsUNggWPyNjEb8YMZjUcTA%3D%3D&amp;p=oo" target="_blank">Update Profile/Email Address</a> | Instant removal with <a href="http://visitor.constantcontact.com/d.jsp?v=001cWKZW7QY-wpAZ84Yr0sU01pOkQxII2kPIsUNggWPyNjEb8YMZjUcTA%3D%3D&amp;p=un" target="_blank">SafeUnsubscribe</a>"! | <a href="http://ui.constantcontact.com/roving/CCPrivacyPolicy.jsp" target="_blank">Privacy Policy</a>.</span></p> </div> </td> <td style='padding:0in 0in 0in 0in'> <div> <p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:#666666'><a href="http://www.constantcontact.com/index.jsp?cc=TEM_News_215" target="_blank"><span style='color:#666666;text-decoration:none;text-underline: none'>Email Marketing</span></a> by</span></p> </div> <p class=MsoNormal><span style='font-size:8.0pt;font-family:"Verdana","sans-serif"; color:black'><a href="http://www.constantcontact.com/index.jsp?cc=TEM_News_215" target="_blank"><span style='text-decoration:none;text-underline:none'><img border=0 id="_x0000_i1027" src="http://img.constantcontact.com/letters/images/cc-logo-color-sm.gif"></span></a></span></p> </td> </tr> </table> <p class=MsoNormal style='background:white'><span style='font-size:8.0pt; font-family:"Verdana","sans-serif";color:black'>Richard L. Sparkmon and Associates | 1429 Iris Drive | P.O. Box 80908 | Conyers | GA | 30013</span></p> </td> </tr> </table> </div> <p class=MsoNormal><span style='color:black'><img border=0 width=1 height=1 id="_x0000_i1028" src="http://r20.rs6.net/on.jsp?t=1103564804534.0.1103027403846.2&amp;ts=S0496&amp;o=http://ui.constantcontact.com/images1/s.gif"><o:p></o:p></span></p> <p class=MsoNormal><span style='font-family:"Arial","sans-serif";color:black'><o:p>&nbsp;</o:p></span></p> <div class=MsoNormal align=center style='text-align:center'><span style='font-family:"Arial","sans-serif";mso-fareast-font-family:"Times New Roman"; color:black'> <hr size=2 width="100%" align=center> </span></div> <p class=MsoNormal><span style='font-size:7.5pt;font-family:"Arial","sans-serif"; color:gray'>The Internal Revenue Service requires us to inform you that any tax advice contained in this letter cannot be used for the purpose of avoiding penalties under the Internal Revenue Code or for promoting, marketing or recommending to another party any transaction or matter addressed herein.</span><span style='font-family:"Arial","sans-serif";color:black'><o:p></o:p></span></p> </div> </div> </body> </html>