- 11 - 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 111-113Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011