- 45 -
Hyatt of Hong Kong Hyatt of Singapore
Retained Retained
Year Dividends earnings Dividends earnings
1976 --- $8,598,528 $1,181,383 $1,245,134
1977 $921,000 10,018,226 359,161 702,308
1978 2,100,000 10,521,245 1,288,798 1,248,311
1979 3,520,000 10,974,344 954,103 1,056,059
1980 11,099,930 6,477,453 1,481,926 1,624,401
1981 5,050,000 10,660,914 --- 1,625,955
1982 --- 17,783,063 --- 2,823,777
1983 2,038,283 18,926,781 --- 17,791,000
1984 16,325,000 9,723,525 --- 19,275,000
1985 --- 6,267,334 --- 19,606,000
1986 9,000,000 5,063,406 --- 111,666,000
1987 10,150,000 9,206,112 191,000 111,853,000
1Figures denominated in Singapore dollars.
For most of the taxable years under consideration, the
majority of HIC’s income consisted of dividends and the remainder
of HIC’s income consisted of operating income or interest. For
most of the years, the reported expenses of IPS’ and HIC’s U.S.
hotel management subsidiaries exceeded their revenues.
VII. Respondent’s Determinations
Respondent determined, in the notices of deficiency sent to
HGH, increased income for Hyatt Domestic as follows:
Page: Previous 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 NextLast modified: May 25, 2011