Huge Corporation reports the follo,ving balance sheet for the current

Huge reports the follo,ving for the current year:

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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