SUBMITTED TO Si. LOUIS PRICE ADJUSTMENT Personal d. i. The Stock corporation company. All corporations their net income to stoekholders, for Federal Income and Excess contributions, gifts, etc. The remaining to tain credits being receive holding distribute "“Undistributed the the of given Subchapter A Section Net. income” must be which takes the a dividend paid credit 75% of the 1934 Nevenue Act and while made in the law from to time in rates been of the amounts imposed by Section 351 changes have been personal force to time purpose has always Gistribute their earnings in the form QOue to this particular been impossible for any of its earned either in the form retain out recipients. Attention ia of li. & & income, for the reason taxes, or as to analyses a part accounts which that dividends paid, chise tax paid aggregated $640,893.27, income of the for made Federal income the of termed out of was first and credits, to corporations of a varicus the Browning hands the in taxable provision &. the pilus corporation dividende of surtax holding J. invited are Thie Taxes, so declared, not $2,000.00 cer- stockholders corperation $2,000.00. 85% it hae the of and with income te Code category Profits excees was act in this in 1943 the paid and Revenue first in of Internal the which the requirement of eurtax, 1948 Company Statuaof Browning Compa: of required for both 15, 501 requirement are to meete FEBRUARY income a personal 2c justment Holding &@ MW. 3S. DATEO grogse ownership defining BOARD, revenue to Company that it had to distributions te its steckholders. be paid of paid-in and earnéd eur- this report. It will observed taxes paid, be and Utah State or $4,053.72 more than the calendar year 1943. Fran- net