EXHIBIT 46¶
Company Name & Address: Financial Trust Company, Inc. 6100 Red Hook Quarter, B-3, St. Thomas Telephone No: (340) 775-2525¶
USVI 00802¶
Name/Signature of Preparer: _____¶
| (name) | (signature) |
|---|---|
| Gross Sales (Ineligible Sales) & Eligible for Tax Benefits… | $ 43,006,739 |
| Gross Wages Paid in the V.I. (Include vacation & sick pay, bonuses, overtime, etc.) … | $ 180,000 |
| Average No. of Employees; Full Time & (Part Time)… | ( ) |
| Average No. of Residents; Full Time & (Part Time)… | ( ) |
| Average No. of Non-Residents; Full Time & (Part Time)… | ( ) |
| Other Employee Costs (Unemployment & health insurance, pension, allowances, etc.) .. | $ 866 |
| Employee Income Taxes Paid and Withheld … | $ 83,624 |
TAXES AND DUTIES (Provide dollar amount paid, and value of exemption/ refund for each tax )¶
| Gross Receipts: | Amount Paid | $ - |
|---|---|---|
| Dollar Value of Exemption | $ 1,720,270 | |
| Real Property Tax: | Amount Paid | $ - |
| Dollar Value of Exemption | $ - | |
| Excise Taxes: | Total Paid | $ 227 |
| Dollar Value of Exemption/Refund | $ - | |
| Income Taxes: | Total Paid | $ 1,731,411 |
| Dollar Value of Exemption/Refund | $ 15,582,699 | |
| Customs Duties: | Total Paid | $ - |
| Dollar Value of Exemption/Refund | $ - | |
| Other: | Hotel room taxes paid | $ - |
| Other Taxes, Fees Paid to V.I. Government | $ 750 | |
| TOTAL TAXES PAID: | $ 1,732,388 | |
| TOTAL VALUE OF EXEMPTIONS AND/OR REFUNDS: | $ 15,582,699 |
EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT¶
| Goods and Services: | Eligible Suppliers | V.I. Suppliers | Non-Local | Totals |
|---|---|---|---|---|
| Raw materials, components | ||||
| Food, beverage | ||||
| Freight charges | ||||
| Insurance | 8,540 | 8,540 | ||
| Legal/Accounting | 418 | 418 | ||
| Advertising/Promotion | 1,302 * | 1,302 | ||
| Utilities (tel., water, etc.) | ||||
| Interest and Other Bank Charges | 313 | 313 | ||
| Supplies | ||||
| Repairs/Maintenance | ||||
| Other (List Separately) | 21,067 | 2,313 | 23,380 | |
| Subtotal, Goods and Services | 30,338 | 3,615 | 33,953 |
| Capital Expenditures: | ||||
|---|---|---|---|---|
| Building & Improvements | ||||
| Leasehold Impovements | 207,077 | 5,520 * | 212,597 | |
| Machinery/Equipment | 41,132 | 225 | 41,387 | |
| Furniture/Fixtures | 2,151 | 40,141 * | 42,292 | |
| Vehicles | ||||
| Other (List Separately) | 78,017 | 78,017 | ||
| Subtotal, Capital Expend. | 326,226 | 2,376 | 45,661 | 374,263 |
| GRAND TOTALS | 326,226 | 32,714 | 49,276 | 408,216 |
* Note (2)¶
Flnanclat Trust Company, Inc. Attachment to IDC Annual Report December 31, 1999¶
Other expenditures for a and senates¶
| Other expenditures for a and senates Postage | VI Eligible Suppliers Suppliers | Non-Local Suppliers 250 | Total 250 1”/ |
|---|---|---|---|
| Travel | 2,063 | 2,063 | |
| Office rent | 21,067 | 21,067 | |
| 21,067 | 2,3130) | 23,380 |
Capital expenditures¶
Architectural 38,429 38,429¶
Legal 39,588 39,588¶
78,017 - 78,017¶
* Note:¶
- (1) Pursuant to IDC rules and regulations Section 708-705.
- (2) Procurement for items not available within the USVI
Form 1120S¶
Department of the Treasury Internal Revenue Service¶
▶ Do not file this form unless the corporation has timely filed Form 2553 to elect to be an S corporation. ▶ See separate instructions.¶
1999¶
For calendar year 1999, or tax year beginning , 1999, and ending¶
| A Effective date of election as an S corporation 1/01/1999 | Use IRS label. Other-wise, please print or type. | Financial Trust Company, Inc. 6100 Red Hook Quarters Suite B3 St. VI 00802 |¶
| ----------------------------------------------------------------------------- | --------------------------------------------------------- | ------------------------------------------------------------------------------------------------------- |
|---|
| C Employer identification number¶
| 66-0567418 |
|---|
| D Date incorporated |
| 11/06/1998 |
| E Total assets (see page 10) |
| $ 24,505,873 |
F Check applicable boxes: (1) Initial return (2) Final return (3) Change in address (4) Amended return¶
G Enter number of shareholders in the corporation at end of the tax year. ▶ 1¶
Caution: Include only trade or business income and expenses on lines 1a through 21. See page 10 of the instructions for more information.¶
| INCOME | 1 a Gross receipts or sales 43,006,739 | b Less returns & allowances | c Bal ▶ | 1c 43,006,739 |
|---|---|---|---|---|
| 2 Cost of goods sold (Schedule A, line 8). | 2 | |||
| 3 Gross profit. Subtract line 2 from line 1c | 3 43,006,739 | |||
| 4 Net gain (loss) from Form 4797, Part II, line 18 (attach Form 4797) | 4 | |||
| 5 Other income (loss) (attach schedule) | 5 | |||
| 6 Total income (loss). Combine lines 3 through 5 | 6 43,006,739 | |||
| 7 Compensation of officers | 7 180,000 | |||
| 8 Salaries and wages (less employment credits) | 8 | |||
| 9 Repairs and maintenance | 9 | |||
| 10 Bad debts | 10 | |||
| 11 Rents | 11 21,017 | |||
| 12 Taxes and licenses | 12 8,279 | |||
| 13 Interest | 13 | |||
| 14 a Depreciation (if required, attach Form 4562) | 14a 12,544 | |||
| b Depreciation claimed on Schedule A and elsewhere on return | 14b | |||
| c Subtract line 14b from line 14a | 14c 12,544 | |||
| 15 Depletion (Do not deduct oil and gas depletion.) | 15 | |||
| 16 Advertising | 16 1,302 | |||
| 17 Pension, profit-sharing, etc., plans | 17 | |||
| 18 Employee benefit programs | 18 | |||
| 19 Other deductions (attach schedule) | See Statement 1 | 19 17,810 | ||
| 20 Total deductions. Add the amounts shown in the far right column for lines 7 through 19 | 20 240,952 | |||
| 21 Ordinary income (loss) from trade or business activities. Subtract line 20 from line 6 | 21 42,765,787 | |||
| TAX | 22 a Tax: a Excess net passive income tax (att. schedule) | 22a | ||
| b Tax from Schedule D (Form 1120S) | ||||
| c Add lines 22a & 22b (see page 14 of the inst for add taxes) | 22c | |||
| AND | 23 Payments: a 1999 estimated tax payments & amt applied from 1998 return | 23a | ||
| b Tax deposited with Form 7004 | 23b | |||
| c Credit for Federal tax paid on fuels (attach Form 4136) | 23d | |||
| d Add lines 23a through 23c | 24 | |||
| 24 Estimated tax penalty. Check if Form 2220 is attached | ||||
| 25 Tax due. If the total of lines 22c and 24 is larger than line 23d, enter amount shown in page 4 of the instructions for depository method of payment | 25 0 | |||
| 26 Overpayment. If line 23d is larger than the total of lines 22c and 24, enter amount shown in page 4 of the instructions for depository method of payment | 26 | |||
| 27 Enter amount of line 26 you want: Credited to 2000 estimated tax ▶ | 27 |
ease in e¶
TAXPAYERS’ COPY¶
Signature of officer Date Title¶
Preparer’s Signature M.R. Reberts Date 9/6/00 Check if self-employed Preparer’s SSN or PTIN 065-12-5087¶
Usily Firm’s name (or yours, if self-employed) V. ASSOCIATES EIN 13-2842281 110 EAST 59TH STREET NEW YORK, NY ZIP code 10022¶
For work Reduction Act Notice, see page 1 of separate instructions.¶