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FINANCIAL STATEMENTS-Continued

Account

LIABILITIES AND CAPITAL Continued Nos,

Operating reserves : 666 Reserve for repairs. 570 Reserve for insurance. 571 Reserve for pensions and welfare. 579 Miscellaneous operating reserves.

Total operating reserves.

Total liabilities.
Net worth:

Capital stock: 681

Issued and outstanding. 585 Subscribed. 587

Less: Discount on capital stock.

Total capital stock. Surplus: 590 Capital surplus. 595 Appreciation surplus.

Earned surplus (or deficit): 598

Appropriated. 599

Unappropriated.

Total surplus.
Total net worth.

Total liabilities and capital. NOTE: Contingent liabilities (not included above). (G.0.22, Rev., 15 F.R. 7935, Nov. 21, 1950, as amended by Amdt. 3, 23 F.R. 6283, Aug. 15, 1958)

8 282.0–30 Income statement.
Account
Nos.

Shipping operations:
600-670 Water-line operating revenue.

700-988 Water-line operating expense.

Gross proit (or loss) from shipping operations. Other income: 675 Interest income. 685 Dividend income. 690 Miscellaneous other income. 691 Release of premium on long-term debt.

Total other income. Other deductions from income: 960 Interest expense. 370 Amortization of deferred charges. 975 Doubtful notes and accounts receivable. 979 Miscellaneous deductions from income.

Total other deductions from income.

Net profit (or loss) from shipping operations. Non-shipping operations: 696 Income from non-shipping operations. 996 Expense of non-shipping operations.

Gross profit (or loss) from non-shipping operations. 995

Overhead expense.
996 Depreciation-Non-shipping property and equipment.

Total expenses.
Net profit (or loss) from non-shipping operations.

Net profit (or loss) before provision for Federal income taxes. 999 Provision for Federal income taxes:

Net proft (or loss) after income taxes.

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Shipping operations 600-700 Terminated voyage results.

800 Inactive vessels expense. 040-850 Collections from and contributions to pools.

Gross profit (or loss) from vessel operations before subsidy625 Operating-differential subsidy.

Gross profit (or loss) from vessel operations after subsidy.
645-855 Terminal operations.
650-865 Cargo handling operations
655-875 Tug and lighter operations..
660-885 Other shipping operations..

670 Agency fees, commissions and brokerage earned.
890 Interdepartmental credits for services and facilities.

Gross profit (or loss) from shipping operations before overhead,
amortization, and depreciation...

Overhead

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PART 284_VALUATION OF VESSELS

FOR DETERMINING CAPITAL EM-
PLOYED AND NET EARNINGS
UNDER OPERATING-DIFFERENTIAL

SUBSIDY AGREEMENTS
Sec.
284.1 Vessels included.
284.2 Basis of valuation.

AUTHORITY: The provisions of this Part 284 issued under sec. 204, 49 Stat. 1987, as amended; 46 U.S.C. 1114; Pub. Law 86-518, 74 Stat. 216. Interpret or apply secs. 9 and 12(d), 60 Stat. 46, 50; 50 U.S.C. App. 1742, 1745.

SOURCE: The provisions of this Part 284 contained in General Order 24, 3d Revision, 25 F.R. 7536, Aug. 10, 1960; 25 F.R. 7740, Aug. 13, 1960. § 284.1 Vessels included.

The vessels to be valued pursuant to the provisions of this part are (a) all vessels subsidized under operating-differential subsidy agreements, (b) all vessels owned by the operator not so subsidized when, by reason of employment of such vessels in the subsidized services, the Maritime Administration has required

that, for the period of such employment, the value of such vessels be included in the computation of capital necessarily employed in such subsidized services, and (c) all other vessels owned by the operator in those cases where it is necessary to determine the value thereof for the purposes of $ 286.3(c) of this subchapter. $ 284.2 Basis of valuation.

(a) General. Except as hereinafter otherwise set forth, vessels shall bo valued at the actual cost of acquisition (not the cost of replacement or reproduction), subject to the adjustments provided for hereinafter.

(b) Acquisition from other than a predecessor or "related company''-(1) For cash or equivalent. The cost of acquisition of vessels acquired from other than a predecessor, or a subsidiary company, holding company, affiliate company, or associate company, of the operator (herein referred to as a "related company”), for cash or a consideration determined by the Maritime Administration to be the equivalent of cash, shall be the purchase price plus any other expenditures which the Maritime Administration determines to be properly capitalizable as part of the cost of acquisition. There shall not be included therein commissions paid officers or directors of, or stockholders having a substantial stock interest in, the operator or a related company, or adjustments attributed to restricted trade or other provisions (if any) in contracts under which such vessels were acquired. The cost of vessels acquired by the operator from the builders, directly or through the Maritime Administration or predecessor agencies (except a vessel the price of which is adjusted under section 9 of the Merchant Ship Sales Act of 1946), shall include interest accrued during the period of construction on borrowed capital (less interest earned thereon) used to make payments on account of construction (including interest charged by the Maritime Administration on payments made to the builder) and such other expenditures which the Maritime Administration determines to be properly capitalizable.

(2) For consideration other than cash or equivalent. The cost of acquisition of any vessel acquired by the operator from other than its predecessor or a related company for any consideration, the cash value of which, in the opinion of the Maritime Administration, cannot be determined definitely, shall be the fair value of such vessel at the date of acquisition, as determined by the Maritime Administration. The cost of acquisition of any vessel acquired by the operator from the Maritime Administration or predecessor agencies (except a vessel the price of which is adjusted under section 9 of the Merchant Ship Sales Act of 1946) shall be the agreed purchase price for such vessel plus any other expenditures which the Maritime Administration determines to be properly capitalizable as part of the cost of acquisition, notwithstanding the fact that part of the consideration paid to the Maritime Administration or predecessor agencies may consist of mortgage notes of the operator. In general, the Maritime Administration will not undertake to place a value upon securities for the purpose of evaluating a vessel acquired in exchange therefor. No valuation by the Maritime Administration of a vessel Acquired in whole or in part for securities shall be deemed to be a determination by the Maritime Administration of the value of such securities.

(3) Vessels subject to section 9, Mer. chant Ship Sales Act of 1946. The cost of acquisition of a vessel, the price of which is adjusted under section 9 of the Merchant Ship Sales Act of 1946, shall be the statutory sales price of the vessel, computed in accordance with section 3(d) of said Act, as of March 8, 1946 if the vessel was acquired by the operator on or before that date or as of the date of the original delivery of the vessel to the operator if contracted for prior to but delivered after March 8, 1946.

(c) Acquisition from a predecessor OT related company. The cost of acquisition of any vessel acquired by the operator from its predecessor or from any person who at any time prior to the date of acquisition of such vessel by the operator was a related company, shall be the cost of acquisition (determined as hereinabove set forth) of such vessel from the nearest person in the chain of title who was not at any time prior to the date of his transfer of the vessel either the predecessor to or a related company of the operator or the predecessor to or a related company of the person to whom he transferred title to said

adjusted for the period from the date of such prior acquisition to the date of acquisition by the operator, in the manner hereinafter set forth.

(d) Basing valuation upon "fair value" when deemed necessary. Nothing herein contained shall preclude the Maritime Administration from basing the valuation of any vessel upon the fair value (as determined by the Maritime Administration) of such vessel at the date of acquisition by the operator in any case in which the Maritime Administration shall deem such method to be necessary for the proper determinetion of valuation.

(e) Adjustments for betterments, reconstruction, or reconditioning. For the purpose of (1) determining the value of the vessel as of any date subsequent to the date of acquisition by the operator, or (2) determining the adjustments to be made for the period between the date of acquisition by the predecessor or a related company of the operator and the date of acquisition by the operator (when in accordance with the provisions of this part such cost of prior acquisition is properly applicable), allowance shall be made for the net cost of all

capitalizable betterments, reconstruc- of this part to the end of the economic tion, or reconditioning made by the life of the vessel determined pursuant operator, or made during the period of to the provisions of this part, except such prior ownership, as the case may with respect to a vessel which, when be, after making such allowance as the purchased, was of a type which required Maritime Administration may deem substantial modification, thereby modiproper for substantial removals and re- fying the original purpose of the vessel, placements. No adjustments shall be depreciation shall be computed and made, however, with respect to expendi- written off on the basis stated in subtures which are not capitalized, such as paragraph (3) of this paragraph. In those which are treated as deferred the case of a vessel the price of which charges to operations.

is adjusted under section 9 of the Mer(f) Adjustments for depreciation. chant Ship Sales Act of 1946, the date (1) On and after January 1, 1960 (with of acquisition shall for the purpose of respect to vessels delivered by the ship- this paragraph be March 8, 1946, if the builder on or after January 1, 1946) vessel was acquired by the operator on adjustments shall be made for deprecia- or before that date or the date of the tion on the basis of a twenty-five year original delivery of the vessel to the economic life of the vessel (twenty years operator if contracted for prior to but for vessels delivered by the shipbuilder delivered after March 8, 1946. The prior to January 1, 1946) computed from actual net cost of capitalizable betterthe date of final delivery upon comple- ments, reconstruction, or reconditioning tion of the vessel by the shipbuilder to shall be depreciated proportionately durthe first owner thereof (except that with ing the period between the end of the respect to a wholly or partially recon- month during which such betterments, structed or reconditioned vessel the life reconstruction, or reconditioning was expectancy of which has been deter- completed and the end of the economic mined to be otherwise jointly by the life of the vessel. Secretary of the Treasury and the Sec- (3) Vessel depreciation on the purretary of Commerce depreciation shall chase cost of a vessel shall accrue from be computed on the life expectancy so date title is taken and shall be written determined) and after deducting from off proportionately over the remaining the cost of acquisition the residual value economic life of the vessel in accordance of such vessel, which residual value shall with this part and allocated in the same be deemed to be 242 percent of the manner as is the equity in the vessel for original construction cost (meaning the capital necessarily employed purposes, full domestic shipyard construction cost except that with respect to a vessel which insofar as vessels constructed under

when purchased was of a type which reTitle V or Title VII of the Merchant

quired substantial modification thereby Marine Act, 1936, are concerned); Pro

modifying the original purpose of the vided, however, That the residual value

vessel (as, for example, conversion of a shall in no event exceed the cost quisition to the operator, determined as

cargo vessel to a combination or pasherein set forth; And provided further,

senger vessel), the properly capitalizable That the residual values of war-built acquisition and modification costs shall vessels acquired from the Maritime Ad- be depreciated from the date the vessel ministration or predecessor agencies by is delivered to the owner in its modified purchase under section 4 or exchange state from the shipyard and shall be under section 8 of the Merchant Ship written off over the remaining economic Sales Act of 1946 or with respect to life of the vessel in accordance with this which the prior sales price is adjusted

part. pursuant to section 9 of that Act shall

(4) As to any changes in the revision be deemed to be 212 percent of the pre

of subparagraphs (1) and (2) of this war domestic cost thereof, as established under the Merchant Ship Sales Act of

paragraph (f) which have been included 1946 and published in the FEDERAL

pursuant to Public Law 86–518, the said REGISTER.

changes can not be recognized in the (2) Vessel depreciation shall be writ- administration of this part until after ten off proportionately for the period be- the applicable contracts of the subsidized tween the date of acquisition with re- Operator involved have been modified, spect to which the cost of acquisition following the filing of an appropriate is determined pursuant to the provisions application by such Operator.

ac

PART 285-DETERMINATION OF

GENERAL PROFIT IN CONTRACTS AND SUB

§ 285.1 Application of regulations. CONTRACTS FOR CONSTRUCTION,

Unless otherwise provided by the conRECONDITIONING, OR RECON

tract, profit under the contract and reSTRUCTION OF SHIPS

lated subcontracts will be determined by GENERAL

the Administration in accordance with Sec.

the regulations in this part. 285.1 Application of regulations.

$ 285.2 Intent. 285.2 Intent. 285.3 Disposition of questions.

It is the intent that the regulations in 285.4 Acceptance of statements and cer

this part shall be fairly and equitably tificates.

applied in each case, and that the deter285.5 Audits.

mination of financial outcome under a 285.6 Final accounting.

contract or subcontract shall be consist285.7 Grievances. 285.8 Hearings.

ent with applicable laws, the prime con

tract, the regulations in this part, and, DEFINITIONS

to the extent not controlled by the fore285.11 Definitions.

going, generally accepted accounting SUBCONTRACTS

practice. 285.21 Contract requirement.

$ 285.3 Disposition of questions. 285.22 Failure to effect contract require

(a) Questions arising with respect to ment. 285.23 Series of subcontracts.

statutory authority pursuant to which a 285.24 Same article or articles.

contract and subcontracts thereunder are 285.25 Designated scientific equipment. awarded, the grouping of contracts, sub285.26 A. B. S. inspection, intangibles, and contracts, or both for the purpose of de. professional fees.

termining financial outcome thereunder 285.27 Availability to Administration.

for a particular income taxable year, BOOKS AND RECORDS

subcontracts not subject to profit-limit285.31 Manner of keeping books.

ing provisions, allowability of costs and 285.32 Submission of accounting data to

accounting methods, or any other matAdministration.

ters relating to a determination of profit 285.33 Basis for reporting profits.

or loss, should be referred to the Admin285.34 Improper and inadequate account- istration for disposition. ing.

(b) In the event provisions of a con285.35 Failure to maintain adequate cost

tract are in conflict with any provisions records.

of the regulations in this part, the proCOMPLETION DATES

visions of the contract shall prevail. 285.41 Contract completion date.

$ 285.4 Acceptance of statements and 285.42 Subcontract completion date.

certificates. DETERMINATION OF PROFIT

Acceptance by the Administration or 285.51 Profit or loss defined.

its agent or representative of any state285.52 Cost of performing a contract or sub- ment or certificate shall not constitute a

contract. 285.53 Alphabetical list of representative

waiver by the Administration of its right

to examine the books, files, and records items of cost.

of the contractor or subcontractor, if it FILING OF REPORTS

shall deem such examination to be neces285.61 Contractors.

sary or appropriate to a proper finding 285.62 Subcontractors.

with respect to the contractor's or sub285.63 Transmittal.

contractor's profit. 285.64 Revision of report forms.

$ 285.5 Audits. AUTHORITY: The provisions of this part 285 issued under sec. 204, 49 Stat. 1987, as

(a) The Administration will scrutinize amended; 46 U.S.C. 1114. Interpret or apply

construction costs and overhead expenses sec. 505, 49 Stat. 1998, as amended; 46 U.S.C. to determine that they are fair, just, and 1155.

not in excess of a reasonable market SOURCE: The provisions of this Part 285

price for commodities or goods or serv. contained in General Order 30. Revised, 17 ices purchased or charged. F.R. 7594, Aug. 20, 1952, unless otherwise (b) In the case of contracts with a noted.

shipbuilder (i. e., contracts for the

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