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percent of its net after-tax income. During the years at issue,
petitioner's net income after taxes was $1,095,848 for fiscal
year 1987, $1,877,983 for fiscal year 1988, and $1,058,277 for
fiscal year 1989. Petitioner paid dividends of $100,000,
averaging about 7.44 percent of net after-tax income, in each of
those years.
Petitioner's book income, taxes paid, book net income after
taxes, dividends paid, and percentage of net income paid as
dividends for fiscal years 1982 to 1989 were as follows:
INCOME, TAXES PAID, AND DIVIDENDS
Percentage of
Tax Book net net income
year Book net income after Dividends paid as
ending income Federal taxes taxes paid dividends
3/31/82 $1,483,898 $586,418 $897,480 0 0.0
3/31/83 2,244,000 725,508 1,518,492 $299,421 19.7%
3/31/84 642,513 85,440 557,073 100,057 18.0
3/31/85 3,002,591 1,245,977 1,756,614 99,966 5.7
3/31/86 1,738,731 693,338 1,045,393 100,000 9.6
3/31/87 2,029,349 933,501 1,095,848 100,000 9.1
3/31/88 2,980,721 1,102,738 1,877,983 100,000 5.3
3/31/89 1,511,400 453,123 1,058,277 100,000 9.4
Total $15,633,203 $5,826,043 $9,807,160 $899,444 9.2%
Petitioner's annual sales increased from $26,254,806 in
fiscal year 1982 to $42,493,252 in fiscal year 1987, $43,627,256
in fiscal year 1988, and $42,978,226 in fiscal year 1989.
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