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Hilton Hotels, 1950 Annual Report
Image 24
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Hilton Hotels Corporation. Hilton Hotels, 1950 Annual Report - Image 24. 1950. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 6, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/29/show/23.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation. (1950). Hilton Hotels, 1950 Annual Report - Image 24. Annual Reports from the Hospitality Industry Archives. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. Retrieved from https://digital.lib.uh.edu/collection/hiltonar/item/29/show/23

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

Hilton Hotels Corporation, Hilton Hotels, 1950 Annual Report - Image 24, 1950, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 6, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/29/show/23.

Disclaimer: This is a general citation for reference purposes. Please consult the most recent edition of your style manual for the proper formatting of the type of source you are citing. If the date given in the citation does not match the date on the digital item, use the more accurate date below the digital item.

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Compound Item Description
Title Hilton Hotels, 1950 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1950
Description Hilton Hotels Annual Report for calendar year 1950.
Subject.Topical (LCSH)
  • Hospitality industry
  • Hotel management
  • Corporation reports
Subject.Name (LCNAF)
  • Hilton Hotels Corporation
Genre (AAT)
  • annual reports
  • business records
Language English
Type (DCMI)
  • Text
  • Image
Original Item Location Conrad N. Hilton Papers
Digital Collection Annual Reports from the Hospitality Industry Archives
Digital Collection URL http://digital.lib.uh.edu/collection/hiltonar
Repository Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston
Repository URL http://www.uh.edu/hilton-college/About/hospitality-industry-archives
Use and Reproduction No Copyright - United States
File Name index.cpd
Item Description
Title Image 24
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_003_024.jpg
Transcript Notes to 1 basis of consolidation—Included in the Consolidated Balance Sheet are the wholly owned subsidiaries State-Monroe Equipment Corporation, a non-operating unit which holds title to the furnishings and equipment of the Palmer House, Chicago; the Beverly Hilton Development Corporation which holds title to 8.97 acres of land in Beverly Hills, California, and Hilton Hotels International, Inc., which holds amongst its assets 7,310 shares, representing approximately 7% of the capital common stock of Bermuda Development Company, Ltd., which is carried as an investment in the consolidation. The Corporation has adopted the policy of non- consolidation of companies which are not wholly owned subsidiaries. These holdings are carried in the accompanying Consolidated Balance Sheet as investments, at cost, such cost being $2,226,378.63 greater than book value at dates of acquisition and $641,388.74 greater than book value at December 31, 1950. 2 fixed assets—The properties included under Fixed Assets in the Consolidated Balance Sheet at December 31, 1950 are the same as those included in the Consolidated Balance Sheet at December 31, 1949 except for land owned by the Beverly Hilton Development Corporation, wholly owned subsidiary. In this connection, the purchase by Hilton Hotels Corporation of the entire capital stock of Crummer Development Corporation (Name changed to Beverly Hilton Development Corporation) represented the acquisition of a substantial tract of land being the sole asset of the Corporation other than nominal working funds and miscellaneous assets. Land is entered in the Consolidated accounts of Hilton Hotels Corporation on the basis of total acquisition cost of the capital stock of the wholly owned subsidiary less other net assets reflecting the liquidation of Beverly Hilton Development Corporation as instituted on December 29, 1950 by order of the Board of Directors. Other Fixed Asset values and depreciation reserves have been carried over from the predecessor companies, plus additions at cost. 3 federal taxes on income—As of December 31, 1950 this amount consisted of a provision for Federal taxes on income for the year 1950 of which $3,280,000.00 was applicable to Hilton Hotels Corporation and $310.74 was for State-Monroe Equipment Corporation, wholly owned subsidiary. The Bureau of Internal Revenue has asserted claims for income and excess profits taxes against Hilton Hotels Corporation for prior years in the total amount of $2,240,895.67. Of this amount, $2,042,644.16 was based on an examination of the tax returns filed by the Stevens Hotel Corporation, predecessor, for the year 1945 and to May 31, 1946, date of consolidation, the main point of issue being the government's proposed disallowance of Stevens Hotel Corporation loss in 1943 (Resulting from the sale of the Hotel to the United States Government for Military use) as a carry-over in offset to income of the year 1945. The remainder of the total claim, amounting to $198,251.51, represents proposed deficiency against Hilton Hotels Corporation covering the period from date of consolidation, June 1, 1946, through the year 1948, involving in the main, questions of property basis and depreciation carried over from the predecessor Stevens Hotel Corporation. Protests to the proposed deficiency assessments have been filed by the Corporation, the matters therefore, now being pending before the conference division of the Bureau of Internal Revenue. (See Note 8). 4 first mortgage bonds and notes—The Equitable Life Assurance Society of the United States has authorized a first mortgage loan on the Stevens in the total amount of $7,000,000.00. As of December 31, 1950 there had been advanced against this authorization a total of $4,500,000.00. 24 5 installment purchase agreements payable—These agreements, dated November 22, 1950, which mature November 15, 1970 were entered into with former stockholders of Crummer Development Corporation in connection with the purchase of the entire outstanding capital stock of that Corporation. Minimum payments are at the rate of $100,000.00 per year, commencing six years after the date of closing, with interest on the unpaid balance ranging from one per cent to four per cent per annum. Since acquiring