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IN RE REZULIN PRODUCTS LIABILITY LITIGATION
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.
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