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Salomon - Annual R 96 (Page 21)

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Salomon - Annual R 96
Salomon Swapco Inc
Notes to Financial Statements
Note 7. Income taxes
A reconciliation of expected income tax expense, computed by applying the statutory U.S. federal income tax rate
to income before taxes, to the actual expense recorded by Swapco follows (dollars in thousands).
Year ended December 31,
1996
1995
Expected income tax expense at
statutory U.S. federal income tax rate
$21,590
$18,017
Impact of tax-advantaged income
(3,357)
(3,821)
Impact of state and local taxes,
net of U.S. federal tax effect
4,401 3,427
Income taxes as reported
$22,634 $17,623
Swapco has adopted Statement of Financial Accounting Standards 109,
Accounting for Income Taxes. At
December 31, 1996, there were no temporary differences between recorded amounts and the tax bases of assets and
liabilities. During the year ended December 31, 1996, tax payments (made to SBHC) amounted to $24.8 million;
for the year ended December 31, 1995, they were $14.0 million.
Note 8. Lease commitments
Swapco has a noncancelable sublease covering office space at 7 World Trade Center in New York expiring in 2010
and a lease, renewable annually, for space at 8800 Hidden River Parkway in Tampa, Florida. Both leases are with
Salomon Inc. Base rental expense for the year ended December 31, 1996 was $412 thousand; for the year ended
December 31, 1995, it was $415 thousand. Presented below is a schedule of minimum future rentals as of
December 31, 1996 (dollars in thousands).
1997 1998 1999 2000 2001 Thereafter
Minimum future rentals $311 $113 $113 $113 $113 $992
20

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