Tsn liquidating corporation

It consisted of three business segments, and the gross revenues for said segments over the 5-year period 1968 to 1972 were as follows: Years ended— (Amounts in thousands of dollars) ----------------------------------------------- Segment 7/30/72 8/1/71 8/2/70 8/30/69 7/28/68 Frozen prepared foods ,825 ,912 ,892 ,408 ,423 Inns 17,149 16,058 17,178 15,264 11,963 Restaurants and food services 53,586 51,051 53,383 54,832 54,167 _______ _______ _______ _______ ______ Total 123,560 110,021 110,453 104,504 95,553 The pre-tax income figures for 1969, 1970, and 1971 reflect a net loss from a discontinued operation in the amount of ,000, 8,000, and 2,000, respectively.The pre-tax income figure for 1972 reflects an extraordinary gain from a sale of a leasehold interest in a restaurant in the amount of 7,000. In July 1972, Litton's board of directors discussed the mechanics and problems of selling Stouffer.The board of directors of Waterman Steamship rejected that offer but countered with an offer to sell the two subsidiaries for 0,000 after the subsidiaries declared and arranged for payments of dividends to Waterman Steamship amounting in the aggregate to ,800,000.

In many respects, the facts of this case and those of Waterman Steamship are parallel.

Respondent's approach, of course produces the larger amount of tax dollars. gain 2,739 2.22 2,235 2.03 2,410 2.18 2.093 2.00 2,602 2.72 Extra, gain, net of income taxes of 2,000 565 0.46 - - - - - - - - - - - - - - - - - - - - - - - - ------ ----- ----- ------ ----- ----- ----- ----- ------ ----- Net income 3,304 2.67 2,235 2.03 2,410 2.18 2,093 2.00 2,602 2.72 ====== ====== ===== ====== ===== ===== ====== ===== ====== ===== Effective tax rate 45.5% 42.2% 48.3% 50.6% 46.8% ---------------------------------------------------------------------------------------------------------------------- THE STOUFFER CORPORATION CONSOLIDATED STATEMENT OF CHANGES IN FINANCIAL POSITION 1970-1972 (000s) ======================================================================================================== 7/30/72 8/1/71 8/2/70 $ % $ % $ % -------------------------------------------------------------------------------------------------------- SOURCES OF FUNDS From operations: Net earnings from continuing operations, including gain from sale of leasehold interest of 5,000 in 1972 3.304 38.34 2,687 40.94 2,608 38.47 Net loss from discontinued operations - - - - - - (452) (6.89) (198) (2.92) Non-cash charges to income: Depreciation and amortization 3,256 37.78 3,146 47.93 3,088 45.55 Deferred income taxes 60 0.70 400 6.09 513 7.57 _____ _____ _____ _____ _____ _____ Total funds provided from operations 6,620 76.82 5,781 88.07 6,011 88.66 Proceeds from loans on officers' life insurance - - - - - - - - - - - - 413 6.09 Sale or retirement of property, plant, and equipment 1,147 13.31 783 11.93 356 5.25 Advances from parent, net 851 9.87 - - - - - - - - - - - - _____ ______ _____ ______ _____ ______ Total sources of funds 8,618 100.00 6,564 100.00 6,780 100.00 ----- ------ ----- ------ ----- ------ ========================================================================================================= APPLICATION OF FUNDS Additions to property, plant, and equipment 7,886 92.08 5,357 66.13 4,844 78.14 Reduction of long-term debt 97 1.13 95 1.17 414 6.68 Repayment of advances from parent, net - - - - - - 2,479 30.60 1,149 18.54 Increase in deferred preopening expenses 385 4.50 130 1.60 - - - - - - Other, net 196 2.29 40 0.49 (208) (3.36) _____ _____ _____ ______ ______ _______ Total application of funds 8,564 100.00 8,101 100.00 6,199 100.00 ----- ------ ----- ------ ------ ------- Increase (decrease) in working capital 54 - - - (1,537) - - - 581 - - - ===== ====== ======= ====== ====== ======= Increase (decrease) in working capital components: Cash (987) 427 211 Accounts receivable 214 (536) (93) Inventories 2,323 (1,177) 1,284 Prepaid expenses 265 (94) 93 Accounts payable and accrued expenses (806) 83 (820) Taxes on income (951) (238) (73) Other, net (4) (2) (21) ______ _______ ______ 54 (1,537) 581 ====== ======= ====== ------------------------------------------------------------------------------------------------ SOURCE: The Stouffer Corp.'s SEC Form S-1 Registration Statement dated Feb. Petitioner contends that the reasoning of the Fifth Circuit in Waterman Steamship should not apply since the facts here are more favorable to petitioner.

The instant case is substantially governed by Waterman Steamship Corp. Additionally, petitioner points out that several business purposes were served by the distribution here which provide additional support for recognition of the distribution as a dividend.

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