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Corporate Returns and Other Corporate Information
For 1987, IL NA Tours filed a Form 1120, U.S. Corporation
Income Tax Return, which did not indicate that it constituted a
consolidated tax return. The 1987 return reported gross receipts
of $34,146,381 and a net loss after net operating loss deduction
of $287,241. The Schedule L, Balance Sheets, reflected total
assets of $10,159,061, accounts payable of $16,875,904, capital
losses of $6,472,649, and no stockholder equity as of yearend
1987.
For 1988, IL NA Tours filed a Form 1120 which did not
indicate that it constituted a consolidated tax return. IL NA
Tours’ 1988 return reported gross receipts of $9,272,913 and a
net loss of $2,211,399 before any net operating loss deduction.
As of yearend 1988, Schedule L reflected total assets of
$9,578,469, accounts payable of $18,597,355, capital losses of
$6,472,649, other liabilities of $100,967, and capital stock of
$10,000 (common stock). The 1988 return does not reflect any
loans to or from shareholders at the beginning or close of the
year. The return also does not reflect any purchases or sales of
stock, nor any income from interest or dividends. For 1988, IL
NA Tours did not have any current earnings and profits nor any
accumulated earnings and profits.
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