Huge reports the following income and expenses for the year:
Sales
$720,000
Purchases
570,000
Dividend from 100%-owned subsidiary
30,000
Dividend from less-than-20%-owned corporation
10,000
Salaries (including officers’ salaries of $30,000)
90,000
Repairs
12,000
Contributions
60,000
State and local taxes
7,500
Interest expense
11,000
Financial accounting depreciation
10,000
MACRS depreciation
17,490
Federal income tax expense per books
10,000
In addition, Huge reported an NOL carryover of $12,000 from the preceding year and paid current year estimated taxes of $10,000. Prepare a current year Form 1120 (U.S. Income Tax Return) for Huge. Leave spaces blank on Form 1120 for information not provided. Note: You should prepare a schedule of net income per books to complete Line 1 of Schedule M-1.
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