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#720405 - 04/23/07 08:06 PM MSB - Exemptable Question
hawkfan Offline
Member
Joined: Feb 2006
Posts: 83
In documenting that one of our MSB's can be exemptable (no more than 50% of gross revenues from the MSB activity), as I understood it you look at the profit from the MSB activity compared to gross sales. Is this correct? So if our customer is an MSB because of wires, you would compare profit from wires to gross revenues (not net income). I was just verifying, because some small businesses can have a negative net income (because pay all out in wages, etc.) in a given year. Thanks. Hopefully this makes sense.

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#720408 - 04/23/07 08:08 PM Re: MSB - Exemptable Question hawkfan
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,858
Cape Cod
Change your reference to profit to fee income. Take the fee income from wires as a percentage to gross revenues. It's splitting hairs, but ...
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