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Hilton Hotels, 1956 Annual Report
Image 28
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Hilton Hotels Corporation. Hilton Hotels, 1956 Annual Report - Image 28. 1956. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. February 29, 2020. https://digital.lib.uh.edu/collection/hiltonar/item/598/show/589.

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. (1956). Hilton Hotels, 1956 Annual Report - Image 28. 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/598/show/589

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, 1956 Annual Report - Image 28, 1956, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed February 29, 2020, https://digital.lib.uh.edu/collection/hiltonar/item/598/show/589.

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, 1956 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1956
Description Hilton Hotels Annual Report for calendar year 1956.
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 28
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_009_028.jpg
Transcript <y[/ote4Jcy 26 1 —BASIS OF CONSOLIDATION It is the policy of the Company to include in the consolidated financial statements the accounts of its subsidiaries, all of which were wholly-owned at December 31, 1956, and to reflect in consolidated income subsidiary operations from dates of acquisition of control. Consolidated earned surplus at December 31, 1956 included $3,959,208.52 representing the combined undistributed net earnings of consolidated subsidiaries, less depreciation and amortization on a $1,221,688.52 excess of cost of securities acquired over net assets thus acquired of the consolidated subsidiaries, which excess has been applied as additional cost of fixed assets in consolidation. 2—INVESTMENTS Installment sales contract and other notes were received by the Company in connection with sales of various properties since 1952 and, with the exception of two notes totaling $1,517,500 at December 31, 1956, security therefor was received in the form of either first, second, chattel or real estate leasehold mortgages. These notes require various periodic payments and their maturities range from December 29, 1957 to July 1, 1976. As at December 31, 1956, the required payments receivable for the next five years approximated $2,882,260, 1957; $2,587,630, 1958; $2,611,270, 1959; $2,440,330, 1960; and $1,809,830, 1961. It is the Company's policy to defer the profit on those sales that qualify as installment sales under Treasury regulations, taking into income that portion of the profit as applies to payments received on the installment sales contract in the year in which such payments are received. At December 31, 1956, $19,092,518 of such profit was deferred, and, accordingly, during the next five years as the aforementioned payments are received, there will be included in income (taxable at the then effective long-term capital gains rate) the following: $1,793,610, 1957; $1,612,751, 1958; $1,625,447, 1959; $1,638,370, 1960; and $1,312,724, 1961. During the year 1956, three property sales were made that did not qualify as installment sales for tax purposes and the total profit, approximating $2,764,800 was taken into income. Among other considerations in these sales, the Company received, in one instance, a 3% unsecured note, payable serially, for $1,380,000 maturing March 1, 1960, paid down to $1,205,000 at December 31, 1956, and in another instance,