Appendix B
ROSCREA TRUST
IBM, 3081, IBM PERIPHERALS, CONTROL DATA DISK DRIVES
COST $5,170,392
16-Dec-82 1982 1983 1984 1985 1986 1987 1988 1989 1990(D) 1990(E) 1990(F) 1990(G)
Rental income $675,770 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128 $1,043,128
Additional income (A) 1,675 30,000 117,500 260,000 260,000 245,000 245,000 245,000 245,000
Sale proceeds 930,671 1,163,338 1,396,006
Total income 675,770 1,043,128 1,044,803 1,073,128 1,160,628 1,303,128 1,303,128 1,288,128 2,218,799 2,451,466 2,684,134
Depreciation (B) $795,713 1,207,342 1,055,787 981,156 951,294 119,400 59,700
Interest 27,901 712,377 688,706 625,506 551,037 463,289 359,893 238,060 94,502 94,502 94,502 94,502
Total expenses 823,614 1,919,719 1,744,493 1,606,662 1,502,331 582,689 419,593 238,060 94,502 94,502 94,502 94,502
Taxable income (823,614) (1,243,949) (701,365) (561,859) (429,203) 577,939 883,535 1,065,068 1,193,626 2,124,297 2,356,964 2,589,632
Cash-flow
Tax benefit (Liability)(C) 411,807 621,975 350,683 280,930 214,602 (288,970) (441,768) (532,534) (596,813) (1,062,149) (1,178,482) (1,294,816)
Rental cash-flow 1,675 30,000 117,500 260,000 260,000 245,000 245,000 245,000 245,000
Sale proceeds 930,671 1,163,338 1,396,006
Gross benefit 411,807 621,975 350,683 282,605 244,602 (171,470) (181,768) (272,534) (351,813) 113,522 229,856 346,190
Less: capital 954,000
Annual benefit (542,193) 621,975 350,683 282,605 244,602 (171,470) (181,768) (272,534) (351,813) 113,522 229,856 346,190
Reinvest. @ 10% (23,121) 23,200 57,185 89,264 101,847 94,369 81,091 57,983 81,250 87,066 92,883
Cumulative benefit (D) (542,193) 56,661 430,544 770,334 1,104,200 1,034,577 947,178 755,735 461,905 950,507 1,072,657 1,194,808
(A) THIS FIGURE ESTIMATES THE TRUST'S PORTION OF THE RELEASING REVENUES BEGINNING IN MONTH 37.
(B) CALCULATED USING ACCELERATED COST RECOVERY SYSTEM GUIDELINES FOR FOREIGN AND DOMESTIC PROPERTY.
(C) ASSUMES A 50% TAX RATE.
(D) AT ZERO RESIDUAL VALUE THE CUMULATIVE BENEFIT AMOUNTS TO $461,905.
(E) ASSUMES A SALE PRICE OF 20% LESS A 10% SELLING COMMISSION.
(F) ASSUMES A SALE PRICE OF 25% LESS A 10% SELLING COMMISSION.
(G) ASSUMES A SALE PRICE OF 30% LESS A 10% SELLING COMMISSION.
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