A field guide to unclaimed property. (includes related article on myths about unclaimed property)
From: Internal Auditor
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Date: 2/1/1996
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Author: Smith, Paula
Many corporations avoid reporting unclaimed property to state governments because this activity is not profitable, is time-consuming and may require expensive computer programming tasks. However, failure to report unclaimed property can lead to unexpected costs to the corporation and even adverse corporate public relations. According to the Supreme Court decision on 'Texas v. New Jersey, 379 U.S. 674,' a corporation possessing abandoned funds must report the accounts to the state where the ...
COPYRIGHT 1996 Institute of Internal Auditors, Inc.
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