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IN RE REZULIN PRODUCTS LIABILITY LITIGATION

United States District Court, S.D. New York


April 8, 2005.

IN RE: REZULIN PRODUCTS LIABILITY LITIGATION (MDL-1348). This Document Relates To: All Cases.

The opinion of the court was delivered by: LEWIS KAPLAN, District Judge

APPLICATION OF SPECIAL MASTER FOR DISBURSEMENT OF FUNDS TO PAY FEDERAL INCOME TAXES
Pursuant to paragraph 4 of Pre-Trial Order No. 230 which states that any taxes owed on interest earned in the CRIS Account shall be paid by the Special Master from the common benefit funds on deposit in the CRIS Account, the Special Master, Michele Rosenberg, hereby applies to the Court for an Order authorizing a disbursement of funds from the CRIS account to pay the Federal Government Income Taxes on interest earned during the year 2004 and estimated taxes for the first quarter 2005.

In 2004, the CRIS account earned $206,886.00 and the interest paid out was $61,065.00, leaving a net income of $145,721.00. The taxes on the net income for 2004 is $50,128.00. The CRIS account's 2004 Federal Income Tax Form 1041 is attached as Exhibit A.

  The estimated income taxes for the CRIS account for the year 2005 is calculated to be $55,160.00. Accordingly, the estimated Federal taxes owed from the CRIS account for the first quarter 2005 is $13,790.00. The Cris account's 2004 Federal Income Tax Form 1041-ES is attached as Exhibit B.

  Accordingly, I request the court to issue an order authorizing payment of $50,128.00 for the CRIS Account's 2004 income taxes and $13,790.00 for payment of the CRIS account's first quarter 2005 estimated income tax. Pursuant to my request, and to assure proper filing and service upon all affected parties, Counsel for the Warner-Lambert Defendants have advised me that they have served this Application in accordance with the attached Certificate of Service.

20050408

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