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M <br />(18) Income taxes are calculated as follows: <br />Revenue <br />44,198 <br />Operating expenses <br />34,200 <br />Income before income taxes <br />9,998 <br />9,998 <br />State income tax computation <br />State exemption Z <br />5,000 <br />Taxable income, state <br />4,998 <br />Rate <br />5% <br />State income tax <br />250 <br />250 <br />Federal income tax computation <br />Federal taxable income <br />9,748 <br />Rate <br />15% <br />Federal income tax <br />1,462 <br />State income tax <br />250 <br />Federal income tax <br />1,462 <br />Total <br />1,712 1,712 <br />Proceeding to Page 7, Attorney Henderson pointed out that <br />under the Public Services Commission, Breezy Village would be <br />granted a rate of return of 13.07% on their rate base because it <br />is 100% equity. <br />BREEZY VILLAGE WATER-& SEWER CO., INC. <br />RETURN ON RATE BASE <br />The Company hereby requests that it be granted the same minimal rate of return <br />that the Company would be granted if it were regulated by the Florida Public <br />Service Commission (PSC). Annually, pursuant to the provisions of Chapter <br />367.081(4)(f), Florida Statutes, the PSC is required to establish a minimal <br />authorized rate of return on common equity for water and sewer utilities. On <br />February 18, 1983, the PSC issued Order No. 11629 in Docket No. 830006 -WS <br />setting the minimal 1983 rate of return on common equity for water and sewer <br />utilities. Under Order No. 11629, any water and sewer utility regulated by <br />the PSC that was 100' equity would be granted a rate of return of 13.07% on <br />rate base. <br />Breezy Village is 100% equity and therefore would be entitled to a 13.07% rate <br />of return on its rate base. - <br />11 <br />NOV 8 199 600K 58-F: <br />J <br />