The "annual tax assessment" of SWVC is still $14,479.45.
What is the assumed par value?
Par Value: The face value of a stock, assigned by a corporation at the time the stock is issued. The par value is often printed on the stock certificate, but the market value of the stock may be much more or much less than par.
According to the "Assumed Par Value Capital Method" - http://www.corp.delaware.gov/frtaxcalc.shtml - and based on the current annual tax assessment, SWVC would have $58,000,000 worth of total gross assets.
I'll figure the "assumed par value" tomorrow using the formula on the website. It's late. Good night all.
P.S. gitonwithit was the first to post this information before, but I think it's still important to keep in mind.
Posted by: gitonwithit In reply to: None Date:8/27/2007 1:31:23 AM Post #of 49065
Franchise Taxes, somebody help me out here.
SWVC 2006 Delaware franchise tax assessment was $14,479.45. Somebody help me out here and let's figure out what the asset valuation was and why. In other words, what were SWVC assets in 2006, they were incorporated on 11/27/2006 according to the DE SOS. Here is my best guess. The immediate below is from the following link: http://www.corp.delaware.gov/frtaxcalc.shtml
---------------------------------------------------- To use this method, you must give figures for all issued shares (including treasury shares) and total gross assets in the spaces provided in your Annual Franchise Tax Report. Total Gross Assets shall be those "total assets" reported on the U.S. Form 1120, Schedule L (Federal Return) relative to the company's fiscal year ending the calendar year of the report. The tax rate under this method is $250.00 per million or portion of a million of the assumed par value capital, which is calculated as described below, if the assumed par value capital is greater than $1,000,000. If the assumed par value capital is less than $1,000,000, the tax is calculated by dividing the assumed par value capital by $1,000,000 then multiplying that result by $250.00. ----------------------------------------------------
Obviously, they did not use the issued shares method, and they did use the assumed par value capital method.
It appears to me that if the franchise tax was $14,479 and the rate is $250 per million of calculated capital then the total gross assets listed on the franchise tax report must be around $59 million.
OK, I've posted this before, I know. Does anyone have any idea what assets they would have paid franchise taxes on for 2006?
They paid the franchise fee for something, anybody know what?
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