[Texas Cotton Industries Corporation Income and Declared Value Excess-Profits Tax Return: 1943] Page: 2 of 40
This report is part of the collection entitled: Harris and Eliza Kempner and was provided to The Portal to Texas History by the Rosenberg Library.
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DECLARED VALUE EXCESS-PROFITS TAX COMPUTATION. (See Computation Instructions)
C 1 Col. 2 Column 3
Line No. olumn 1 Rate Amount of Tax
1. Net income for declared value excess-profits tax computation (item 31, page 1)--._-----. ---___ $-1qO2
2, Value of capital stock as declared in your capital stock tax return for the year ended
June 30, 1943 (or for year ended June 30, 1944, if your income tax fiscal year began
in 1943 and ended on or after July 31, 1944)_ _ __....____________-__
3. 10 percent of line 2----------------------------------.--.---.$-.-_-_ Q__. QQ_,. 0 0
4. Dividends received credit (85 percent of column 2, Schedule Et60,000 00
but not in excess of 85 percent of item 37 minus item 38, page 1)_ .._______..___,__ _____
5. Balance subject to declared value excess-profits tax (line 1 minus total of lines 3 and 4)- $------ I-- One.
6. Amount taxable at 6.6 percent (5 percent of line 2, but not more than line 5); and tax--------I------_-No - 6.6% $-----------
7. Balance taxable at 13.2 percent (line 5 minus line 6, column 1); and tax.. -_________$-------------1 13.2%--
8. Total declared value excess-profits tax (total of line 6, column 3, and line 7, column 3)-----------------------------$-------.____
INCOME TAX COMPUTATION. (See Computation Instructions)
NORMAL TAX COMPUTATION
DOMESTIC CORPORATIONS WITH NORMAL-TAX NET INCOMES NOT OVER $50.000
9. Normal-tax net income (item 40, page 1)--- -------------------------------------------$-- -
10. Portion of line 9 (not in excess of $5,000); and tax at 15 percent--___.___._- -________ $ 15% $-----------------15_----
11. Portion of line 9 (in excess of $5,000 and not in excess of $20,000); and tax at 17 percent-----------------------------17%
12. Portion of line 9 (in excess of $20,000 and not in excess of $25,000); and tax at 19 percent--------------19%
13. Portion of line 9 (in excess of $25,000); and tax at 31 percent.---_-._.--..--- -- -------31%_...___....__1%
14. Total normal tax (total tax in column 3 of lines 10, 11, 12, and 13)- ---------------------------------------------$ _fl9 __--
DOMESTIC CORPORATIONS WIT! NORMAL-TAX NET INCOMES OF OVER $50,003 AND FOREIGN CORPORATIONS ENGAGED IN BUSINESS
WITHIN THE UNITED STATES IRRESPECTIVE OF AMOUNT OF NORMAL-TAX NET INCOME
15. Normal-tax net income (item 40, page 1)$----------------------------------------------- -----------------------------------N-
16. Normal tax (24 percent of line 15).... --------------------------------------------------24% $
SURTAX COMPUTATION
17. Net income (item 35, page 1)_..-.. - ...- --..Q3.2-.
18. Less: Income subject to excess profits tax---.....--------..$
19. Dividends received credit (85 percent of column 2, Schedule E (excluding
certain dividends received on preferred stock of a public utility), but
not in excess of 85 percent of line 17 minus 18)----------------
20. Dividends paid on certain preferred stock if taxpayer Is a public utility __________________________________________________
21. Surtax net income------------------------------------------------------------------_.$-- - - -ne
CORPORATIONS WITH SURTAX NET INCOMES NOT OVER $50,000
22. Portion of line 21 (not in excess of $25,000); and tax at 10 percent (or 12 percent in the case
of a consolidated return)-----------------------------------------------------------$ ---------------------10% $
23. Portion of line 21 (in excess of $25,000 and not in excess of $50,000); and tax at 22 percent
(or 24 percent in the case of a consolidated return)--_...___ ..----------....-----------.-------2--------- --....--.-22%-
24. Total surtax in column 3 of lines 22 and 23--------------------.--------------------____.---_.- -$--- - ---- one
CORPORATIONS WITH SURTAX NET INCOMES OF OVER $50,000
25. Surtax net income (line 21 above)--- ---------------------------------------------------$--------------
26. Surtax (16 percent of line 25) (or in the case of a consolidated return, 18 percent of the consolidated surtax net income) 16% $ - --
27. Total normal and surtax (line 14 or 16, plus line 24 or 26, whichever is applicable)----------------------------- $--- Noe
28. Total tax (line 27 or line 33, Schedule C)- ----------------------------------------- _- -------------------------..----._------_-------_----...$
TAX COMPUTATION FOR REGULATED INVESTMENT COMPANIES
29. Adjusted net income (item 37, page 1, but computed without regard to section 47 (c)).------$
30. Add: Net operating loss deduction (item 27, page 1).___ ___________
31. Total of lines 29 and 30 - --------------------- -----------------------------$
32. Less: Excess of net long-term capital gain over short-term capital loss. (From Schedule C)__ __________ --___
33. Adjusted net income (after applying section 362 (b) (1))....__..-------------_____.--.-$
34. Less: Basic surtax credit (excluding capital gain dividends) computed without regard
to paragraphs (2) and (3) of section 27 (b). (Submit schedule)______-__-___-__
35. Supplement Q net income-..--.--- ----- - --_-------.- ---------------------------- $--------
36. Normal tax (24 percent of line 35).---------------------------------------------------..--------------------24% $...................
37. Net income (item 35, page 1, but computed without regard to section 47 (c))------------$--
38. Add: Net operating loss deduction (item 27, page 1)..-----------------------------____
39. Total of lines 37 and 38..--- ------------------------------------------------$
40. Less: Excess of net long-term capital gain over short-term capital loss. (From Schedule C) __________________ ___
41. Net income (after applying section 362 (b) (2))..---_---..-- --- ------------------------$
42. Less: Dividends (other than capital gain dividends) paid including consent dividends
credit. (Submit schedule) -----------------------------------------------_------------------
43. Supplement Q surtax net income- --------------------------------------------
44. Surtax (16 percent of line 43)------------------------------------------------ -------------------------------16%......--. -- .- ----
45. Net long-term capital gain. (From Schedule C) ----------------------------------------$
46. Less: Net short-term capital loss. (From Schedule C)-----$--
47. Capital gain dividends paid. (Submit schedule) _______________
48. Excess subject to tax -----------------------------------------------------------------$-------------
49. Tax (25 percent of line 48).._--..-..-..---_.__%---------------------------------------------------------------------------------25%-
50. Total tax in lines 36, 44, and 49------------------------------- ---------------------------------------------$--------------
Schedule A.-COST OF GOODS SOLD. (See Instruction 2) Schedule B.-COST OF OPERATIONS
(Where inventories are an income-determining factor) (Where inventories are not an income-determining factor)
Inventory at beginning of year-------------------$..235 28 Salaries and wages -----------------------------$
Material or merchandise bought for manufacture Other costs (to be detailed):
or sale ----. ..- .. -.. --- ---.---. ....- ..- ..--316 -(a)-------------------------------------------(a------------------
Salaries and wages --------------------------------- 956 58(b)
Other costs per books. (Attach itemized schedule).-._ .......54 .195-- 91 (c)
Total-------- ...-.-._------------ __- ..- __-- _- $ _-- 4 ..9( 4---- (d)
Less: Inventory at end of year - - --5,28 --9(e)-----------------------------------------------
Cost of goods sold (enter as item 2, page 1)_ $.. 594 4 Total (enter as item 5, page 1)------------$
Schedule C.-Separate Schedule C (Form 1120) should be secured and used in reporting sales and exchanges of capital assets and filed with and as a part of this return.
Schedule D.-GAINS AND LOSSES FROM SALES OR EXCHANGES OF PROPERTY OTHER THAN CAPITAL ASSETS. (See Instruction 12)
5. Expense of Sale and 6. Depreciation Allowed
3ross Sales Price 4i Cost of Improvments (or allowable) Since 7. Gain or Loss (column
1. Description of Property 2. Date Acquired (Contact price) 4. Cost or Other Basis Subsequent to Acqus- Acquisition or 3 plus column 6 minus the
rib or March 1, 1913 M\arch 1, 1913 sum of columns 4 and 5)
(Furnsh details)Total net gain (or loss). (Enter as item 12 (b), page 1)---------------------------------------------------------------$
Supplemental information required for Schedule D
State with respect to each item of property reported in Schedule D: (1) how property was a___ired
(2) whether at time of sale or exchange (a) purchaser owned directly or indirectly more than 50 percent in value of ,our outstanding stock, (b) where purchaser was a corporation, more than 50 percent in
value of its capital stock and 50 percent in value of your capital stock was owned directly or indirectly by or for the same individual or his family, and (c) where purchaser was a corporation, whether more
than 50 percent in value of its capital stock was owned directly or indirectly by you ---------------------If so, state name and address of purchaser18-35064-1
EL
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Texas Cotton Industries. [Texas Cotton Industries Corporation Income and Declared Value Excess-Profits Tax Return: 1943], report, January 31, 1944; (https://texashistory.unt.edu/ark:/67531/metapth1292029/m1/2/?rotate=90: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.