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12. Advertising 13. Interest:

a. Vessel mortgage.

b. Other... 14. Depreciation and amortization:

a. Vessels.

b. Other 15. Adjustment from books to tax basis (attach schedule) 16. 17. 18. 19. Total expenses.. 20. Operating profit or (loss). 21. Other income and (deductions) net, allocable in whole or part to

renegotiable business (attach schedule) 22. Net profit for renegotiation before State income taxes 23. Subsidy and other income and (deductions) net, allocable wholly to non-renegotiable business (attach schedule)

XXXXXXXX XXXXXXXX 24. State taxes measured by income

XXXXXXXX XXXXXXXX 25. Net income per tax return...

XXXXXXXXXXXXXXXX Total officers' compensation included above A separate schedule by account classification should be pro- NOTE:-1. All expense cassifications above should be reported vided where necessary, together with an explanation of the net of any interdepartmental credits. methods of allocation applied with respect to General and Ad- 2. If other than terminated voyage basis is employed for Fedministrative Expenses.

eral income tax purposes, describe method used.

1499.2–9 Renegotiation Bulletin No. 9: Deferred payment of excessive profits pursuant to agreement.—(a) Section 1461.2(a) of this chapter states that a refund of excessive profits pursuant to an agreement may be made by the contractor in a single payment or in installments, as the agreement may provide. Deferred single payment or payment in installments will be permitted, upon request of the contractor, only when such terms are necessary to avoid undue hardship on the contractor and will not affect adversely the interests of the Government.

(b) Normally, an agreement will require the repayment of excessive profits in a single lump sum. The payment normally will be required within 40 days after the date of the agreement (i.e., the date upon which the agreement is executed on behalf of the Government), except that if the contractor makes prompt application, within the time stipulated in the agreement, for a computation from the Internal Revenue Service of the tax credit to which the contractor is entitled under section 1481 of the Internal Revenue Code, the payment will be due within 40 days after the date of the agreement or within 30 days after the contractor

receives such tax credit computation, whichever is later. It will be only in the exceptional case that any further grace will be allowed to the contractor by the Board or by the Regional Board to which the case has been assigned.

(c) Contractors requesting provision for deferred payments should note that they may be required to pay interest thereon. Normally, under $ 1461.2 of this chapter interest will not accrue on excessive profits to be refunded by agreement unless and until a default occurs in the payment of the refund. However, when the refund is to be made in installments, interest is required upon each such installment (other than the first installment payable under the agreement) which is provided to be paid more than 2 years after the close of the fiscal year to which the agreement relates. In such case, interest will begin to accrue on the first day of the third year following the close of the fiscal year to which the agreement relates, or on the due date of the first installment, whichever is later. Similarly, when a contractor requests postponement of its entire refund obligation to a date beyond such 2-year period, the con

1035

vractor may be required to pay interest as a industry for manufacturers to purchase fabcondition to the granting of such extended rics in excess of amounts needed to perform terms.

specific Government contracts, due to the (d) A contractor believing itself in need fact that during the course of manufacture of installment or other deferred terms of pay- some of the purchased fabrics are, or will ment should request such relief and must be become unsuitable for incorporation in end prepared to establish to the Board or the cog- products delivered under renegotiable connizant Regional Board that payment in ac- tracts. Such unsuitable fabrics are described cordance with the provisions customarily in- as "shorts” if they are not of sufficient length cluded in agreements would impose undue to meet Government specifications, and, as hardship upon the contractor. In order that

"secondsif they fail to meet Government the existence and extent of the claimed need

specifications for any other reason than for may be properly evaluated and the risks to

length. the Government carefully weighed, the con

(b) Generally, shorts and seconds, while tractor in its request shall state the terms

not accepted by the Government, have a comdesired and show that such terms are no

mercial value substantially equivalent to the more than are reasonably necessary to avoid

value of fabrics which are not defective in undue hardship. The contractor shall also file

any respect. Therefore, even though they are with its request the following information

originally purchased to perform defense conand data:

tracts, they represent no loss to the pur(1) Latest available audited balance sheet

chaser of the type which he would charge and income statement.

against such defense contracts if they were (2) Current unaudited balance sheet and

of no use other than as scrap or waste. income statement.

(c) The Board has decided that, until fur(3) Cash flow statement, by years, through end of proposed period of payment.

ther notice, it will permit contractors who (4) Sources and amounts of credit cur

make renegotiable sales of any of the fabrics rently utilized and available.

specified below, to deduct from the receipts (5) Description of long-term debt obliga

or accruals derived from such sales any tions, including retirement or conversion pro- amounts referable to fabrics which are divisions and any additions contemplated verted from the renegotiable contracts of during proposed period of payment.

their purchasers because the fabrics proved (6) List of amounts, if any, due from offi

to be shorts or seconds. cers, stockholders, or partners or related (d) Since the computations necessary to entities, with information on the collectibility determine the proper amount of such deducthereof; and amounts, if any, owing to offi- tions would be complex in many cases, due cers, stockholders or partners or related en- to the fact that many sellers of fabrics have tities, with description of provisions for re- a substantial number of customers, the tirement thereof during proposed period of Board has also decided, at the request of payment.

representatives of the textile cotton industry, (7) In addition to the foregoing, in the to permit any contractor selling cotton yarns case of a partnership or joint venture, a cur- to reduce its receipts or accruals by the rent balance sheet for each of the principal percentage factors listed in the column partners or joint ventures.

headed "Grey" and to permit any contractor (e) Upon request, the contractor shall selling cotton grey goods to reduce its realso furnish such other or additional informa- ceipts and accruals by the percentage factors tion and data as the Board or the Regional listed in the column headed “Mill finish." Board may specify in the particular case. These factors have been developed on the

1499.2-10 Renegotiation Bulletin No. 10: basis of a survey made by representatives of Treatment of shorts and seconds in segrega- the cotton textile industry and have been tion of subcontractors' sales in the textile in- approved by the Board with respect of fiscal dustry.“(a) It is the practice in the textile years ending on or after December 31, 1953.

1499.2-11 Renegotiation Bulletin No. 11: Computation of cost allowance for pig iron.(a) Scope. Pursuant to section 106(b) of the act, $ 1453.2(c) of this chapter provides a cost allowance for a contractor which in the performance of renegotiable business, is engaged in an integrated process treating the product of a mine, oil or gas well, etc., to and beyond the last form or state in which the product is exempt as a raw material. This bulletin explains how an integrated steel producer should compute its cost allowance for pig iron and how the Board will apply the statutory factors to a contractor which is permitted such a cost allowance. However, the same principles may be applied

Grey
(percent)

Mill finish
(percent)

5.94
5.64

3.65
4.66

6.38

4.23

Cotton duck and allied fabrics
Sheetings and allied fabrics
Print cloth yarn fabrics (excluding

bandage cloth, tobacco, and

cheese cloth).
Bandage cloth, tobacco, and cheese

cloth
Colored yarn fabrics
Napped fabrics..
Fine cotton goods
Bed sheetings
Bedspread fabrics
Corduroys

.53
11.92
8.29
6.29
6.06
7.30
7.90

1.81 8.46 5.49 2.41

4.68

3-11-70

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