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% Mr. Wm. Reinhardt - Los Angeles (CC-Mr. W. H. Hulsizer) Omaha - April 704-35 This is in further reference to your letter of March 3, 1950, file 1-7334, to Mr. Hulsizer, and his letter of March 30, 1950, file 3703.1, to me, with copy to you. arately for each of the years 194S to 1947 inclusive the im­pact on the net earnings of the LVL&W Co. as a result of the restatement of certain depreciation on pipe lines, the acceler­ated amortization of defense facilities, adjustment of expense bill reporting, and assignment of miscellaneous revenues. The revised net income so developed also reflects the carry-back and carry-forward of losses, as requested in your item C - II - Amortization (Account 251). with the net income reported in ”Annual Report of Las Vegas Land and Water Company, a Water Utility, to The Public Service Commission of Nevada” for each of the six years under review. years 1942 and 1943 with the net income reported on the state­ments for those years follows: Your figures for 1944 and 1945 are in harmony with the total net income for those years as reported on the statements. allowable Deductions” represent various adjustments, restate­ments, etc. which have been deducted from or added to the ”Deductions from Gross Income” , as appropriate, with each item explained in the last column. reflects our determination of the net earnings of the LVL&WCo. if separate income tax returns had been filed for each of the six years^. There are attached hereto six statements showing sep- The net income shown in column "Total for Year” agrees Reconciliation of the amounts stated by you for the Your base figures Revenues, miscellaneous Other income Description 1942 $4,752707 2,864.00 ___ 10.00 1943 $ 97125.80 3,990.99 5.75 Total $7,656.07 #13,126.54 The amounts reported in the columns captioned ”Un- The taxable net income as restated on the statements W. w j APR 21-1950 APR 30 1950 W M F?. APR 2 5