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Hilton Hotels, 1947 Annual Report
Image 23
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Hilton Hotels Corporation. Hilton Hotels, 1947 Annual Report - Image 23. 1947. Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston. University of Houston Digital Library. Web. July 19, 2019. https://digital.lib.uh.edu/collection/hiltonar/item/857/show/851.

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. (1947). Hilton Hotels, 1947 Annual Report - Image 23. 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/857/show/851

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, 1947 Annual Report - Image 23, 1947, Annual Reports from the Hospitality Industry Archives, Hospitality Industry Archives, Conrad N. Hilton College of Hotel and Restaurant Management, University of Houston, accessed July 19, 2019, https://digital.lib.uh.edu/collection/hiltonar/item/857/show/851.

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, 1947 Annual Report
Creator (LCNAF)
  • Hilton Hotels Corporation
Publisher Hilton Hotels Corporation
Date 1947
Description Hilton Hotels Annual Report for calendar year 1947.
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 23
Format (IMT)
  • image/jpeg
File Name hiltonar_201609_018_023.jpg
Transcript (5) PROVISION FOR FEDERAL AND STATE TAXES ON INCOME As of December 31, 1947 this account consisted of the following: Federal Income Tax Liability of Predecessor Companies— (Unpaid Balances) Palmer House Company $ 24,833.94 New Mexico Hilton Hotel Company 28,014.45 $ 52,848.39 Federal and State Income Tax Liability of Hilton Hotels Corporation Seven Months Ended December 31, 1946—(Unpaid Balance) State of New Mexico $ 109.02 Estimated Taxes for the Year Ended December 31, 1947 3,100,000.00 3,100,109.02 TOTAL $3,152,957.41 The provision for Federal income taxes for the year ended December 31, 1947 has been estimated at approximately 38% of the operating profits and 25% of capital gains for that period. With the exception of the Lubbock Hilton Hotel Company, Inc., whose tax returns have been examined through the fiscal year ended May 31, 1943, and the Palmer House Company whose tax returns have been examined through the calendar year 1944, none of the predecessor corporations' tax returns for the years 1943, 1944 and 1945 or the period to date of dissolution in 1946, nor the Hilton Hotels Corporation tax return for the seven months ended December 31, 1946 have been examined or passed upon by the United States Treasury Department. As of the date of consolidation, the corporation set up a Reserve for Contingencies (See Note 6) to cover claims, taxes or other charges, including additional income or excess profits taxes which might be asserted or assessed against the consolidating corporations. (6) RESERVE FOR CONTINGENCIES The Board of Directors established as of June 1, 1946 the Reserve for Contingencies of $1,700,000.00 to cover claims which may be asserted under various Federal statutes and regulations, including claims for Federal income and excess profits taxes of the consolidating corporations, such reserves so created being deemed by the Board of Directors to be reasonably adequate to cover all such contingencies. (7) CONVERTIBLE PREFERENCE STOCK Since the date of consolidation the corporation has purchased for the treasury a total of 69,529-62/100 shares of its own convertible preference stock at a total cost of $2,718,031.17, the discount thereon being credited to capital surplus. Of the total shares so purchased 7,314-43/100 shares have been permanently retired and cancelled. (8) COMMON STOCK Common stock shares have been reserved for the conversion of convertible preference shares at the option of the holders thereof at the rate of two shares of common stock for each share of convertible preference stock. (9) COMMITMENTS Contractual obligations and commitments of the Stevens Hotel were in existence at December 31, 1947 in the aggregate amount of approximately $320,000.00 for new laundry equipment, Boulevard Room revisions, kitchen equipment and air-conditioning equipment. INCOME ACCOUNT (1) CONSOLIDATED INCOME Consolidated Income includes the wholly-owned subsidiary State-Monroe Equipment Co. but not the partly-owned Palm Beach Biltmore Co., Mayflower Hotel Corporation, Neil House Company or- hotels of the Bermuda Development Co. Ltd. (See Analysis of Investments). Other Income includes management fees and charges earned by Hilton Hotels Corporation as per contracts with non- consolidated partly-owned subsidiaries and other Hilton operated hotels. The corporation's share for the year 1947, of net profits, less dividends received, of unconsolidated subsidiaries, which has not been reflected herein, amounted to $249,056.02, and, for the year 1946, such share amounted to a net loss of $67,043.99. (2) QUALIFICATION OF 1946 INCOME INFORMATION Results for the year ended December 31, 1946 represent combined operations of Hilton Hotels Corporation for the period June 1, 1946 to December 31, 1946, and, for the period January 1, 1946 to May 31, 1946, results of the predecessor corporations consolidated as of June 1, 1946 into Hilton Hotels Corporation. The results so combined are submitted for information and comparison purposes. Results for the year 1946 reflect adjustments from prior published reports for additional property and income taxes in the amount of $27,606.20. (3) INCOME FROM DISPOSED PROPERTY—LONG BEACH HILTON HOTEL The figures for 1946 and 1947 include operations of the Long Beach Hilton Hotel which was sold as of July 31, 1947. Net operating profit of this property, after depreciation for the seven months of 1947 amounted to $65,811.42. 23