Winn-Dixie Stores, Inc. and Subsidiaries - Page 14




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          1993 through 2052 indicated petitioner would incur net pretax               
          out-of-pocket losses as follows:                                            

                 Pretax                Pretax                 Pretax                  
                 Loss                  Loss                   Loss                    
           Year  Effect           Year Effect            Year Effect                  
           1993  $4,605,000       2013 $16,390,000       2033  $15,238,000            
           1994  8,403,000        2014  17,839,000       2034   14,769,000            
           1995  11,282,000       2015  18,071,000       2035   14,320,000            
           1996  10,399,000       2016  18,285,000       2036   13,828,000            
           1997  9,997,000        2017  18,492,000       2037   13,281,000            
           1998  9,559,000        2018  18,546,000       2038   12,674,000            
           1999  9,381,000        2019  18,446,000       2039   12,013,000            
           2000  9,756,000        2020  18,342,000       2040   11,312,000            
           2001  9,959,000        2021  18,228,000       2041   10,583,000            
           2002  10,310,000       2022  18,103,000       2042    7,675,000            
           2003  10,725,000       2023  17,968,000       2043    5,867,000            
           2004  11,358,000       2024  17,817,000       2044    8,374,000            
           2005  12,215,000       2025  17,645,000       2045    7,782,000            
           2006  13,151,000       2026  17,446,000       2046    7,214,000            
           2007  14,178,000       2027  17,215,000       2047    6,650,000            
           2008  10,134,000       2028  16,946,000       2048    6,110,000            
           2009  11,269,000       2029  16,643,000       2049    5,583,000            
           2010  12,420,000       2030  16,193,000       2050    5,070,000            
           2011  13,653,000       2031  15,086,000       2051    4,586,000            
           2012  14,973,000       2032  16,545,000       2052    4,742,000            
          Total pretax loss                                                 755,644,000

               The projection of profit and loss also included an analysis            
          of the effect of the COLI plan on petitioner's income tax                   
          liability in each of the years 1993 through 2052.  Assuming a 38-           
          percent corporate tax bracket,11 the projected $11,902,000 loan             
          interest accrued and deducted by petitioner in the first policy             


               11The corporate tax rate on all projections was an estimated           
          combined Federal and State marginal tax rates.                              




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