[Texas Cotton Industries Corporation Income and Declared Value Excess-Profits Tax Return: 1943] Page: 4 of 40
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Page 4 Schedule L.-BALANCE SHEETS. (See Instruction L)
1.
2.
3.
4.
5.6. Capital assets:
(a) Depreciable assets (itemize in separate schedule)-
Less: Reserve for depreciation------__-..-.. -
(b) Depletable assets-.. ----- __ _ -_--------......
Less: Reserve for depletion. --
(c) Land.--------------------------.---------.--------
7. Other assets (itemize)--..-..__---.. ------------.---
8. ToTAL AssETs--.. ------ ----.--.-------------------------
LIABILITIES
9. Accounts payable- ....-......_-..----------- ..-----------------.-------
10. Bonds, notes, and mortgages payable:
(a) With original maturity of less than 1 year--------
(b) With original maturity of 1 year or more_..-------....-
11. Accrued expenses (itemize).-- ___..----__..........._---
12. Other liabilities (itemize)-...--....----------.---
13. Surplus reserves (itemize in separate schedule)
14. Capital stock:
(a) Preferred stock--------------------------------------
(b) Common stock----------------------------.--------
15. Paid-in or capital surplus----------------------------------
16. Earned surplus and undivided profits ..-......---
17. TOTAL LIABILITIES-----..---..-----------.-.---.--------Beginning of Taxable Year
Amount
$
- - - --- - - -- -ASSETS
Cash-----___-- _- __----_
Notes and accounts receivable--_--_ --- ---___--
Less: Reserve for bad debts------- _-----------------------------
Inventories (itemize in separate schedule)--_._______.--- -
Investments in governmental obligations:
(a)- Obligations of a State, Territory, or political subdivision thereof, or the District
of Columbia, or United States possessions __ _ ....___-__-_..-_
(b) Obligations of the United States:
(1) Obligations issued on or before September 1, 1917; all postal savings
bonds; Treasury notes issued prior to December 1, 1940; and Treasury
bills issued prior to March 1, 1941-- _ _ _- _
(2) United States savings bonds and Treasury bonds issued prior to March
1, 1941 ----
(3) Treasury notes issued on or after December 1, 1940; and all other obliga-
tions of the United States issued on or after March 1, 1941
(c) Obligations of instrumentalities of the United States:
(1) Obligations of Federal land banks, joint stock land banks, and Federal
intermediate credit banks issued prior to March 1, 1941-_
(2) Obligations issued by other instrumentalities of the United States prior
to March 1, 1941- -- -
(3) Obligations of all instrumentalities of the United States issued on or after
March 1, 1941-- -
Other investments (itemize)--------..-.t tokIs-$ ------------------
--.----62.5
$-------
$-------------
$-------------
---- - - - -$ 5319
$ 1 4,5aQ-
'II-
~~1
-
8018
$ - -- - - - - - -
$
$---------------End of Taxable Year
Total
Total Amount
2.65705
$----------------- --
.---- 635-;
$ - - - - - - - - - - ---- 2~5,2$
-- -- - - .-- - -- -23
Schedule M.--RECONCILIATION OF NET INCOME AND ANALYSIS OF EARNED SURPLUS AND UNDIVIDED PROFITS
1. Total distributions to stockholders charged to
earned surplus during the taxable year:
(a) Cash------..----.--- -------------
(b) Stock of the corporation_.-_ ....---
(c) Other property--- ---------------------
2. Contributions (excess over 5 percent limita-
tion)----------- ----------------------
3. Federal income and excess-profits taxes------
4. Income taxes claimed as a credit in whole or in
part in item 42, page 1--- . .------------
5. Federal taxes paid on tax-free covenant bonds-
6. Excess of capital losses over capital gains -----
7. Additions to surplus reserves (list separately):
(a)--------- - .- ..- . - ..-----------------------
(b)-------------------------~---------
8. Other unallowable deductions:
(a) --------------- -------------------
(b)------------------------------
9. Adjustments not recorded on books (itemize):
(a)---------.-...-.-------.-----------------
(b)-------------------- ---------
0. Sundry debits to earned surplus (itemize):
(a) --..-----------------------------
(b)---------..--- ---------------
1. Earned surplus and undivided profits at close
of the taxable year (Schedu lq L)....
2. Total of lines 1 to 11' . -~~..2 ------$------- -----
01-01
---------------- -----
--------- -- ---- -----13. Earned surplus and undivided profits at close
of preceding taxable year (Schedule L)_--
14. Adjusted net income (item 37, page 1). -
15. Nontaxable and partially exempt income:
(a) Interest on:
(1) Obligations of a State, Territory, or
political subdivision thereof, or the District of
Columbia, or United States possessions_......
(2) Obligations of the United States:
(i) Obligations issued on or before Sep-
tember 1, 1917; all postal savings
bonds; Treasury notes issued prior to
December 1, 1940; and Treasury bills
issued prior to March 1, 1941
(ii) United States savings bonds and
Treasury bonds owned in the principal
amount of $5,000 or less, issued prior
to March 1, 1941_-
(iii) United States savings bonds and
Treasury bonds owned in excess of
the principal amount of $5,000 issued
prior to March 1, 1941_ _-
(3) Obligations of instrumentalities of the
United States:
(i) Obligations of Federal land banks,
joint stock land banks, and Federal
intermediate credit banks issued prior
to March 1, 1941-
(ii) Obligations issued by other instru-
mentalities of-the United States prior
to March 1,,1941-- -
(b) Other nontaxable income (itemize):
(1)......................................-----------
(2)
16. Charges against surplus reserves (itemize):
17. Ad'stme tno r d or t books (itemize):
18. Sundry credits to earned surplus (itemize):
19. Total of lines 13 to 18....____ _0 7._231
-- - -- -$-- ---
---
EXCESS PROFITS TAX. (See Instructions for Form 1121)
(a) Is an excess profits tax return on Form 1121 being filed for the taxable period covered by this return? -_I -
(b) If a personal service corporation (other than a member of an afiliated group of corporations filing a consolidated return) signifies below its desire
not to be subject to the excess profits tax, it shall be exempt from such tax and the provisions of Supplement S, Chapter 1, shall apply to the
shareholders in such corporation who were such shareholders on the last day of the taxable year of the corporation. (Attach Form 1121PS)
(c) If corporation claims exemption under section 727 of the Internal Revenue Code, state basis of claim --
(d) If an excess profits tax return is not being filed for the reason that it is claimed that the excess profits net income computed under the invested capital
method is not greater than $5,000, the following Schedule N should be filled in. The completion of Schedule N does not constitute the filing of an
excess profits tax return.
Schedule N.-EXCESS PROFITS NET INCOME COMPUTATION
1. Normal-tax net income (computed without 6. Dividends received credit adjustment (item 13, page 1.
excluding the sum of (a) dividends received (actual or
credit for incor_.e subject to excess profits constructive) from foreign personal holding companies,
tax) (item 40 plus item 38, page 1)--___......-$-------...-------.-------- and (b) dividends received on stock held primarily for
2. Net short-term capital gain (do not enter net sale to customers by a dealer in securities; minus item 39,
2. short-term capital loss) -inpage1) ---------------------------------------------$----------------- --------
short-term capital loss)---------------------- ------------ -.------7. Net gain from sale or exchange of capital assets
3. 50 percent of interest on borrowed capital-------------------------- -------- (item 12 (a), page 1)
4. Adjustment to net operating loss deduction 8. Income from retirement or discharge of bonds,
under section 711 (a) (2) (L) --------------------------------------- etc---------------------------------------------------------
5 Total of lines 1 to 4---------------- $--------------------- 9. Refunds and interest on Agricultural Adjust-
ent-ment Act taxes- -----------------------------
10. Recoveries of bad debts------------------------------
11. Total of lines 6 to 10 -----------------$
12. Excess profits net income (for purpose of determining necessity for filing return) (line 5 minus line 11)------------ - ---$ ---
U. U. GOVERNMENT PRINTING OFFICE 1 1943 18-OZ084-1i-.
-6--22--
- ~- ' -' -
$
-$ --
$ - - -- - - -- - -175000 00.
-------x.535 2BS$ ~38X853
-----$ - ----
S 5.000 00 100.000 00
- .--- - -- - --. -- -- -
s----- .-t 6y0
$-9 ----15 *- - ----9Q " -i
1I
I I II I i
-----1- a 63
$ . 89
- - - - - - - - --- - ---
i.0t
i
7
jPage 4
Schedule L.-BALANCE SHEETS. (See Instruction L)
-----------_...---.-
.. - - -- ------ _ ----
------------- -Iiiiii i
I
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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/m1/4/: accessed July 16, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.