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Petitioner’s annual FOCUS reports differed from its tax returns
in that petitioner’s revenue and earnings for purposes of the
former were computed by marking to market all securities
petitioner then held, including those held for investment. Cf.
sec. 475(b)(1)(A).
On its 1992 through 1999 Federal income tax returns,
petitioner reported gross income, total deductions, taxable
income or loss, retained earnings, and retained earnings and
capital stock as follows:
Retained
Taxable Earnings
FYE Gross Total Income Retained and Capital
May 31 Income Deductions (Loss) EarningsStock
1992 $13,507,518 $11,776,469 $1,731,049 $10,097,005 $11,570,519
1993 11,708,935 11,740,630 (31,695) 9,130,437 10,512,068
1994 14,124,390 13,738,343 386,048 8,943,389 10,295,362
1995 13,733,608 13,607,047 126,560 9,479,267 10,789,667
1996 13,894,468 13,880,601 13,867 8,991,933 10,269,234
1997 9,044,532 9,161,872 (117,340) 8,871,568 10,148,869
1998 14,232,286 14,003,689 228,597 8,744,865 10,001,047
1999 7,673,379 7,264,787 406,592 8,392,760 9,633,942
On its annual FOCUS reports for its 1992 through 1999 fiscal
years, petitioner reported revenue, expenses, earnings before
Federal income tax (EBFIT), retained earnings, and retained
earnings and capital stock as follows:
Retained
Earnings
FYE Retained and Capital
May 31 Revenue Expenses EBFIT Earnings Stock
1992 $15,466,673 $11,544,567 $3,922,106 $21,336,807 $22,810,321
1993 17,834,269 11,660,585 6,173,684 26,923,441 28,305,072
1994 11,738,296 13,649,167 (1,910,871) 24,821,032 26,173,006
1995 20,028,281 13,623,510 6,404,771 31,870,981 33,181,381
1996 26,768,427 13,840,558 12,927,869 44,546,634 45,823,935
1997 4,730,016 9,025,627 (4,295,611) 40,248,943 41,526,244
1998 16,843,524 13,931,893 2,911,631 42,859,076 44,115,258
1999 (8,513,310) 7,255,075 (15,768,385) 26,949,031 28,190,213
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