-5- Fiscal After-tax Dividends Year Assets Gross Revenue Gross Profit Net Income Paid 1978 $13,797,060 $13,261,695 $1,581,772 $476,805 --- 1979 10,651,010 21,321,960 2,770,522 1,099,341 $255,063 1980 7,367,576 705,640 (1,048,785) 298,798 --- 1981 13,225,920 40,852,715 4,550,930 1,455,211 --- 1982 7,015,414 10,244,505 (102,826) (489,941) --- 1983 5,931,770 1,213,983 (232,193) (135,116) 631,785 1984- 1986 3,424,358 8,945,181 960,902 (859,615) 1,082,164 26,019,914 1987 2,946,961 559,312 114,798 (139,525) --- Total N/A 123,124,905 N/A 11,705,958 1,969,012 1 The full amount of the 1987 compensation paid to Mr. Leonard, as well as the amount of the distribution of a 1985 in-kind dividend that had been treated as a loss for financial accounting purposes, have been taken into account in calculating petitioner's aggregate after-tax net income. The aggregate before-tax net income was slightly over $6 million. Petitioner reported the following amounts on its Forms 1120F, U.S. Income Tax Return of a Foreign Corporation, for fiscal years 1979-84, and Forms 1120, U.S. Corporation Income Tax Return, for 1985-87:Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011