Revenue Ruling 99-40 Example (Continued)Summary: The following displays the transaction activity regarding the example without considering Rev. Rul. 99-40. The text states: 490 Activity Summary--Book, Inc. FED - *****1111 Book, Inc. 1120 - Per Master File Tax Period: 2008/12 Run Method: IRS Default Interest To: 08/16/2010 GATT Method: Retain Character (New) LCU Method: Default IRS Underpay Net Start: All Dates Included Module Status: Open/(Open) GATT Date: 01/01/1995 Amount: $10,000 LCU Interest Date: LCU Interest is OFF Overpay Net Start: All Dates IncludedDate TranscriptDate StartDate EffectiveDescriptionSusp/EqualPrincipalBalance09/21/200903/15/2009150 Return Filed & Assessed Tax1,234,456.001,234,456.0003/15/200903/15/2009460 Extension of time for FilingTo 9/15/200908/16/201003/15/2009290 Additional Tax Assessment521,886.001,756,342.00Various03/15/2009660 Estimated Tax Payments(925,842.00)830,500.0004/15/200803/15/2009716 Generated Overpay Credit Applied(770,000.00)60,500.0004/15/200903/15/200904/15/2009836 Overpayment Credit Elect to Next Period(461,386.00)461,386.00521,886.0006/23/2010640 Advance Payment(540,000.00)(18,114.00)DateDateDescriptionAmountFactorInterestBalance03/15/2009150 Return Filed & Assessed Tax1,234,456.00290 Additional Tax Assessment521,886.00660 Estimated Tax(925,842.00)716 Generated Overpay Credit Applied(770,000.00)60,500.0003/16/200904/15/2009Underpay60,500.000.003842741232.4960,732.4904/16/2009Overpay Suspended(461,386.00)522,118.4904/16/200906/23/2010Underpay522,118.490.04870811325,431.41547,549.8906/23/2010640 Advance Payment(540,000.00)(7,549.89)06/24/201008/16/2010Underpayment7,549.890.00593502744.817,594.70Account SummaryAs ComputedPer TranscriptAdjustmentDeficiency Interest25,708.7025,708.70Overpayment InterestPrincipal Balance7,594.70Totals25,708.7025,708.707,594.70Copyright 2001–2006 Decision Modeling, Inc. Release 6.91 06/29/2011 09:23:54 A.M. PAGE 1 of 1