- 10 -
Item Beginning of year End of year
Assets:
Cash $295 --
Trade notes and
accounts receivable 10,034 --
Loans to stockholders 131,940 $111,484
Buildings & other
depreciable assets less
accumulated depreciation 20,383 816
Other assets (goodwill) 13,700 --
Total assets 176,352 112,300
Liabilities and
stockholders’ equity:
Accounts payable 35,653 28,898
Loans from stockholders 19,500 --
Mortgages, notes, bonds
payable in 1 year or more 137,250 --
Capital stock:
Common stock 10,000 10,000
Retained earnings--
Unappropriated (26,051) 73,402
Total liabilities and
stockholders’ equity 176,352 112,300
Petitioner signed and filed Mid-Nebraska’s Form 1120, U.S.
Corporation Income Tax Return, for the year ended December 31,
1993 (1993 return), on or about September 15, 1994. The 1993
return indicated that it was a final return.
A Schedule L, Balance Sheet, filed with the 1993 return
reflected the following assets, liabilities, and stockholders’
equity at the beginning and end of the year:
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Last modified: May 25, 2011