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PHILLIPS, SHEFFIELD
,Ar A PHIIIHOPSON, LEWIS & LUTHER
ARNr AI H -,EF E. . A
.ARli, 1,Fs,. c N P A CERTIFIED PUBLIC ACCOUNTANTS MEMBERs
,It)N&v M tVW'S A BANK OF THE SOUTHWEST BUILDING AMER'CAN NsTIUTE QF
*.iM 1 r. A CER mEL PU8ttC. ACCOUNTANTS.
HOUSTON 2,TEXA$
AM F W. 1 . N 1 AA
IF +, 41 W MA 4.N A
June 18, 1963
Mr .Kr Kempner
H. K ,i _y .. f
U . . aI ornal Banki ?< ld ing
veuenTexas
Deaiv Harris:
1 have made an allocation of basis of stock in
Su;ari nci Industries, 1nc. and Belknap Realty Company as at
Cte (ate of the spin-off f Belknap Realty. Prior to the
rin-of't s1.o kholders a ai h basis ot $2.71 per share for
IiiLI-fes shares ntrid as result t of the Belknap spi n-off
thee tokho1lders now have a basis for Industries shares of
.)U04 per share and .ba;is for Belknap shares of $.206
Since 1953 we have made the determination for
L.V c after the several spin-offs. In 1953, at the time
th1 'u{ 'rI company '5 stock was spun off from old Industries
t . sis foi' 1ndustrl es snares was $16.00 per share and
th i inumer ot sharer 45,000.
InI 155 Harr1Is-Fort Bend Telephone Company was
rE'Apitalized fur' 45,000 shares of stock which were dis-
til outed to shareholders of old Industries pro rata.
Afti1v this transaction, the basis for old Industries shares
was $15, 60 per share and the basis for the Telephone Corn-
pany's share~ was $.40 per share.
Then in 1957 properties of old industries were
transfer red to two newly created corporations, these being
..g.. I 1 Irdust ries , Inc . and Foter Farms, Inc. Each of
hEs o rr an S was :api tal lyd with 225,000 shares instead
'V ,a) uP.:sunes, *nd the basis per share to each was new
c r 71 Je share and Foster Farms $ .41 p:r share.
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