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2143, struck out item 815 "Distributions to shareholders from pre-1984 policyholdersurplusus account".
Payments were charged, in January , 1931 not to expense, but to surplus account on the books of the Unopco Company.
Any part of the earnings of the fiscal year in excess of the operating expenses for such year held in the surplus account may be allocated to patrons on a patronage basis.
"Perhaps we should not not be taking all of it to reduce taxes," he said, suggesting that the Board consider using part of the fund balance each year to build a more stable surplus account.
His vetoes also restored the use of $10 million from a surplus account to pay debt service, deleted $6.5 million that the Legislature had added for police costs and he also projected about $4 million in savings from attrition.
In order to make the adjustment, a charge is made against surplus account with corresponding credit to capital stock account, equal to the proposed 'dividend'; the new stock is issued against this and the certificates delivered to the existing stockholders in proportion to their previous holdings.
Similar(44)
L. 88 571 effective, with respect to amounts added to policyholders surplus accounts, for taxable years beginning after Dec. 31, 1958, see section 3(f) of Pub.
second, to the establishment and maintenance of the surplus accounts, the minimum aggregate amount of which shall be prescribed by the Farm Credit Bank.
Mr. DeMarino also emptied surplus accounts, overestimated revenues and failed to budget enough money for a costly labor deal and pending tax appeals, Mr. McGreevey says.
The surge in taxes paid by the wealthy has been the biggest single source of the surplus, accounting for roughly $72 billion of the $421 billion swing over eight years.
That's called the current account surplus, and it parallels Japan's chronic trade surplus.
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