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Mary: Unless you hear from me in the next hour, please close 33R and 33Q without making an adjustment for the $104.8 million of tax basis in inventory. Tom Meyers said that he would see whether or not the cost of inventory has been expensed for book and if not, then he will make an adjustment in Hyperion and we would tax effect his adjustment. Thanks, John.
-----Original Message----- From: Fischer, Mary Sent: Wednesday, October 10, 2001 10:54 AM To: Herrold, Jeff Cc: Seade, Jerry; Swafford, John; Eggebrecht, Kurt; Caminos, Facundo Subject: RE: SO2 Reclass Entry - Correction Per my conversation with Eloise Williams the proceeds of $138,475,829 were never recorded on 33R but were recorded on 33Q. Since this is a sale of inventory I'm assuming that the gain will be ordinary and should be reduced by the tax basis in the credits of $104.8 million. -----Original Message----- From: Herrold, Jeff Sent: Wednesday, October 10, 2001 9:39 AM To: Fischer, Mary Cc: Seade, Jerry; Swafford, John; Eggebrecht, Kurt Subject: FW: SO2 Reclass Entry - Correction Mary, I'm not sure what accounting is doing. The entry below is not complete. For third quarter close company 33R received proceeds of $138,475,829 for SO2 credits. The credits are held in inventory on company 33Q, the mark-to-market revenue for the SO2 is reported on 33R. The attached workbook is my best guess of the tax basis in the credits ($104.8 million); the tax gain should be about $33.7 million. Can you check with your accounting contacts for company 33R to get a complete picture of the accounting entries? << File: so2 inv1.xls << -----Original Message----- From: Williams, Eloise Sent: Wednesday, October 10, 2001 8:41 AM To: Herrold, Jeff Cc: Murphy, Carla Subject: FW: SO2 Reclass Entry - Correction The correct entry is a debit to 19999995 (Cash) and a credit to 45000000 (Revenue) -----Original Message----- From: Williams, Eloise Sent: Wednesday, October 10, 2001 8:27 AM To: Herrold, Jeff Cc: Murphy, Carla Subject: SO2 Reclass Entry Jeff, The SO2 entry was booked to the following accounts: Debit to 19999995 $138,475,829.50 Credit to 20011000 $138,475,829.50 Eloise Williams Enron Global Markets 713-345-1667
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