"Ambassador" wrote
Nobody in the venture capital world would accept the USCF book
valuation of the Tennessee property.


Are they carrying it at something other than Generally Accepted Accounting
Principles allows for?




The USCF financial numbers are prepared in BAD FAITH!



Ahhhh. There is no such accounting method.




You can't take a 1 dollar gift (the land on which the USCF bulit an
offce) with these detailed deed restrcitions, and then claim a HUGE
profit on the land.



Um, yes, you can when the land is sold.

Indeed, if it were a gift, as you just said, then the basis to the company
would be the basis of the giver.



The value of the land is 1 dollar.


I seriously doubt that.




In fact, the value of the building is 1 dollar,


I seriously doubt that.





until you get a more detailed explanation of the deed restrictions,



It would seem that a deed restriction would decrease any values, but it
would not decrease any carrying cost.





Now, you attack Sloan in the name of a CPA.


I don't know a "Sloan".





If you took this book valuation that the USCF preseneted, and go
public, YOU WILL GO TO JAIL!


Obviously not if you didn't rely on the financials.




--
Paul A. Thomas, CPA
Athens, Georgia