Prepared By :  D'Anniballe & Company, Inc.
	August 18, 2004
Pennsylvania Warehousing Company
Summary of Taxes
Pennsylvania Corporation Taxes
Pennsylvania Corporate Income Tax			Tax Rate	Tax
	Net Income	300,000.00	9.99%	29,970.00
Pennsylvania Franchise Tax			0.00724
	Net Worth	1,000,000.00
	@75%		750,000.00
	Avg Book Income	300,000.00
	divided by .095		3,157,894.74
			3,907,894.74
	Divided by 2		1,953,947.37
	Less Exemption		(125,000.00)
	Taxable Value		1,828,947.37	13,241.58
Pittsburgh City Taxes
Local Income Tax			Tax Rate	Tax
	Net Income	300,000.00	1.00%	3,000.00
City School District Income Tax
		300,000.00	2.00%	6,000.00
Allegheny County Real Estate Tax
Cost of Real Estate		1,500,000.00
		Tax Rate	28.80
		Tax		43,200.00
Payroll Taxes - State of Pennsylvania
State Unemployment
	(First 8,000 of wages taxable)		Est Initial Tax Rate	3.7520%
	Taxable Wages			320,000.00
		Tax		12,006.40
State Workers Compensation					Est % of		Est Taxable
					Total Wages		Wages	Tax
	Tax Rates	Warehouse Wages		0.075100	82.00%		820,000.00	61,582.00
		Outside Sales Wages		0.010000	10.00%		100,000.00	1,000.00
		Clerical Wages		0.004700	8.00%		80,000.00	376.00
							1,000,000.00	62,958.00
		Discount		10.07%				(6,339.87)
		Terrorism Act		0.0489				489.00
		Assessment		0.0236				1,485.81
		Policy Fee						3,385.00
			Annual Premium					58,592.94
Summary of Taxes
Corporate Income Tax				29,970.00
Corporate Franchise Tax				13,241.58
Local Taxes
Pittsburgh City Tax				3,000.00
School District Tax				6,000.00
Personal Property Taxes				N/A
Real Estate Tax				43,200.00
Payroll Taxes
Unemployment				12,006.40
Workers' Compensation				58,592.94
		Total		166,010.92