BACERPT Sie ie WIULS GED, i es. ee Stall PRICE hs: Ses Sarak Ese FROM STATOMANT BOARD, of Royalty Payments Actually of the Federal and @. &. Browning Company, by individual , Percentage S £4 e spas te aie Pe 2 hes been returns filed by the J. poration, and of the tax returns holder of this amounts received the tax group. poration, d. &. also corporation, of the in made HM. & order royalties for The calculations first these immediately fcllowing Browning "5 ey DATED ; filed to & ¥v es OCTOBER 12, sh a, year are cover ph 2 oe ee how 1942 1943 w were seven State much applicable the > Retained each ascertain the shown received by J. of Income-7. Browning rederal M. & i. &. to members the 62,172,680.88 Taxes Distribu- Holding Companies Taxee: Federal income Corporat ion Federal Income Stockholders Tax : ¢i,070,000.00 to 1, 975,421.04 ‘ Tax to on above Royalties 592,873.89 Taxes 80,501.19 2otal Compared Corporation With: Reyalties Taxes $1,715,796.12 by corof 2,371, 588. 22 198,907.34 i9az Dividend corstock- the tion to Stockholders in L942 under Internal Revenue Act Applicable to Fersonal As a retained sf Company Income in Required State in- &. & M. 8. Browning Company Lese Other Income and Costs Paid se. family: Royalties Net , TO ADJUSTMENT ry An examination come SUBMITTED the