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Item Beginning of year End of year
Assets:
Loans to stockholders $111,484 $111,484
Buildings & other
depreciable assets less
accumulated depreciation 816 816
Total assets 112,300 112,300
Liabilities and
stockholders’ equity:
Accounts payable 28,898 28,898
Capital stock:
Common stock 10,000 10,000
Retained earnings--
Unappropriated 73,402 73,402
Total liabilities and
stockholders’ equity 112,300 112,300
The State of Nebraska statutorily dissolved Mid-Nebraska on
or about April 16, 1993, for failure to pay fees and occupation
taxes. When Mid-Nebraska was dissolved, petitioner was its
president and sole shareholder.
When Mid-Nebraska ceased business, its books showed the
following asset accounts and balances:
Account No. Description Balance
106 Loan shareholder $1,800
107 Robson building account 16,200
111 Personal insurance 7,876
112 Accounts receivable-Robson 52,432
113 Receivable Shareholder 33,175
Total 111,483
Account No. 113 reflected the original amount that petitioner and
Klute owed Mid-Nebraska for the purchase of the stock of Mid-
Nebraska. Hereinafter, accounts Nos. 106-107 and 111-113
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Last modified: May 25, 2011