EXHIBIT 59¶
Company Name: Southern Trust Company Inc¶
| | Eligible for Tax Benefits (A) | Ineligible for Tax Benefits** (B) | Total (A)+(B) | Balance per Tax Return | Difference | Explanation | | --------------------------------------------- | ---------------------------------- | -------------------------------------- | ------------------ | --------------------------- | ------------ | ------------- | | Gross Receipts or Sales | $0 | $0 | $0 | $0 | $0 | | | Other Income | $4,690,766 | $0 | $4,690,766 | $4,690,266 | $0 | | | Interest Income | $583,271 | $5,482,342 | $6,065,613 | $6,065,613 | $0 | | | Dividend Income | $1,008,905 | $4,868,305 | $6,877,210 | $6,877,210 | $0 | | | Rental Income | -$1,252 | $0 | -$1,252 | -$1,252 | $0 | | | (Other Taxable Income (capital state, etc.) | $2,919,000 | $0 | $2,919,000 | $2,919,000 | $0 | |¶
** Because derived from sources other than that source (as of JVEDC Compliance)¶
| Total | Source Document Needed | Other Employee Cost Breakdown | |
|---|---|---|---|
| Gross Wages Paid in the VI (include vacation, suck pay, bonuses and overtime, etc.) | $903,577 | Please submit the form W3SS | |
| Average No of Employees Full Time | 10 | ||
| Average No of Employees (Part Time/Other) | - | ||
| Average No of Residents Full Time | 10 | Total Added | $160,031 |
| Average No of Residents Part Time/Other | - | Health Insurance | $210,239 |
| Average No of Non-Residents Full Time | - | Sample IRA | $21,239 |
| Average No of Non-Residents Part Time/Other | - | FICA, FUTA, Workman’s Comp | $61,543 |
| Average No of Non-Residents Part Time/Other | - | Continuing Education | $1,551 |
| Other Employee Costs (Linemployment & health insurance, pension, allowance, etc.) | $244,367 | ex- TOTAL | $344,868 |
| Employee Income Taxes Paid and Withheld | $199,774 | Please submit the form W3SS |
| TAXES AND OUTFEES (Provide dollar amount paid and value of exceptions for each tax) | Total | Source Document Needed |
|---|---|---|
| Gross Receipts Taxes Paid | $0 | Form 720VI or 720B |
| Gross Receipts Exemption Value | $0 | Form 720VI or 720B |
| Real Property Tax Paid | Property tax assessment | |
| Real Property Tax Exemption Value | Property tax assessment | |
| Excise Taxes Paid | Form 722 | |
| Excise Taxes Exemption Value/Refund | Form 722 | |
| Income Taxes Paid | $299,083 | Form 2120, 21205, 1065, or 1040 with tax calculation worksheet |
| Income Taxes Exemption Value/Refund | $47,906 | Form 1120, 11205, 1065, or 1040 with tax calculation worksheet |
| Customs Dones Paid | Please keep copies of receipts for review by VIEDC Compliance Officer | |
| Customs Dones Exemption Value/Refund | Please keep copies of receipts for review by VIEDC Compliance Officer | |
| Other | ||
| Hotel room taxes (and) | Form 722 | |
| Other Taxes, Fees Paid to VI Government (list separately) | Please keep copies of receipts for review by VIEDC Compliance Officer | |
| Shareholder Dividends | N/A | Note no exemptions claimed |
| VI Department of Labor (labor dozabase fee) | $250 | Note no exemptions claimed |
| Business Income remainder | Note no exemptions claimed | |
| Franchise tax | $3,674 | Note no exemptions claimed |
| Nonex commission fees | Note no exemptions claimed | |
| Compliance of good standing fee | $0 | Note no exemptions claimed |
| Import taxes on small shoppings | Note no exemptions claimed | |
| TOTAL TAXES PAID: | $295,938 | |
| TOTAL VALUE OF EXEMPTIONS AND OR REFUNDS: | $47,906 |
| EXPENDITURES FOR GOODS, SERVICES, PLANT & EQUIPMENT | VIECS ENTRIES | VI Subordins | Non-Local Subordins | TOTAL | Believe per Tax Return | Difference | Estimation |
|---|---|---|---|---|---|---|---|
| Row mentions and contributions | $6,259 | $14,579 | $0 | $10,838 | $20,015 | $0 | |
| Repairs/Maintenance | $0 | $138,893 | $0 | $138,893 | $138,893 | $0 | |
| Rent | $0 | $0 | $0 | $0 | $0 | $0 | |
| Interest | $0 | $0 | $0 | $0 | $0 | $0 | |
| Other Bust Charges | $0 | $1,199 | $2,17 | $3,617 | $1,616 | $1 | |
| Advertising/Promotion Marketing Expenses | $0 | $2,690 | $0 | $2,690 | $2,690 | $0 | |
| Media Entertainment | $0 | $6,760 | $0 | $6,760 | $3,380 | $3,380 | |
| Travel Expenses | $0 | $8,946 | $0 | $8,946 | $8,946 | $0 | |
| Freight & Foreign Charges | $0 | $2,064 | $0 | $2,064 | $2,064 | $0 | |
| Insurance | $17,002 | $0 | $0 | $27,002 | $17,002 | $0 | |
| Legal/Accounting/Consulting Professional Fees | $0 | $30,064 | $1,535,225 | $1,588,289 | $1,485,279 | $0 | |
| (Tablets (ret. water, elect., etc.)) | $18,181 | $101,379 | $0 | $119,600 | $119,560 | $0 | |
| Supplies and Office expenses | $8,618 | $30,246 | $13,784 | $32,644 | $57,647 | $1 | |
| Other (List Separately) | |||||||
| Docs and subscriptions | $0 | $180 | $0 | $180 | $180 | $0 | |
| EIDC Fees | $13,000 | $0 | $0 | $13,000 | $13,000 | $0 | |
| Business expenses | $0 | $0 | $0 | $17,500 | $17,500 | $0 | |
| Other expenses, capital, outside services reimbursables | $0 | $1,699 | $0 | $1,699 | $1,699 | $0 | |
| SUBTOTAL GOODS AND SERVICES | $63,040 | $738,459 | $1,946,724 | $1,960,145 | $1,944,804 | $0 |
| CAPITAL EXPENDITURES | VIECS ENTRIES | VI Subordins | Non-Local Subordins | TOTAL | Believe per Tax Return | Difference | Estimation |
|---|---|---|---|---|---|---|---|
| Building & Improvements | $37 | 24,614 | 4,186 | $23,187 | $0 | $0 | |
| (Assessed Improvements) | - | 8,820 | - | $4,830 | $0 | $5,829 | Amount expensed included in schedule L |
| Machinery/Equipment | - | - | - | $0 | $0 | $0 | |
| Furniture/Fixtures | - | - | - | $0 | $0 | $0 | |
| Vehicles | - | - | - | $0 | $0 | $0 | |
| Other (List Separately) | - | - | - | $0 | $0 | $0 | |
| SUBTOTAL CAPITAL EXPENDITURES | $387 | $33,434 | $6,186 | $38,007 | $3,799,241 | $0 |
GRAND TOTALS EXPENDITURES FOR VARIANCES IN BETWEEN EDC REPORT AND TAX RETURNS:¶
| COMMUNITY CAPITAL EXPENDITURES UNDER EDC CERTIFICATE | $553,248 |
|---|---|
| Certificate requirement | $460,000 |
| Percent achieved to date | 138.31% |
Case 1:22-cv-10904-JSR Document 194-21 Filed 06/20/23 Page 4 of 5¶
BENEFICIARY¶
EDC ANNUAL REPORT Value of Exemptions of Stockholders/Partners/Members¶
Southern Trust Company. Inc. Fiscal Year Ending garamhiat2gig¶
| Stookholders, Partners or Members | Social Security No. | Physical Address | % Distributable Shares | EDC Income | Business Activity | Total Tax Due | EDC Credit | Balance Tax Due |
|---|---|---|---|---|---|---|---|---|
| Jeffrey E. Epstein | [REDACTED] | Little Saint James Island, St. USVI | 100 | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. | See page 1 of EDC Annual report. |
| TOTAL | $ | $ | $ |
Note Totals of EDC Credit and Balance Tax Due must be carried forward to the EDC Annual Report and reported under Taxes and Duties (See instructions).¶
VI-JPM-000007665 HIGHLY CONFIDENTIAL SUBJECT TO PROTECTIVE ORDER¶
A B EDC INCOME A TOTAL GROSS INCOME B Percent of total income subject to Exemption $ 2,964,750 $ 16,232,605 C $________(A).._ _ .. _ J _ … ______(B) ._ = C 18.26% D TOTAL TAX DUE $ 291,989 E Amount of Tax Subject to the Exemption E $ (D) / (C) %= $ 53,329 F EXEMPTION PERCENTATE F 90% EDC EXEPMTION CREDIT G $ (E) _X (f) %= G $ 47,996¶
Line G included on49d of the 2018 Form 1040 Schedule 5 Line 74 notation EDC credit¶