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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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