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Note: This problem is for the 2018 tax year. On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle.
Note: This problem is for the 2018 tax year. On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111113, and the principal business activity code is 451110. Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2018, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2018 are shown below and on the next page. Income Statement Income Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less-than-20%- $2,408,000 (80,000) $2,328,000 (920,000) $1,408,000 Income Statement Income $2,408,000 (80,000) $2,328,000 (920,000) $1,408,000 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less-than-20%- owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses 12,000 $14,000 10,000 24,000 $1,444,000 $160,000 160,000 Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans $320,000 290,000 85,000 56,000 $12,000 $14,000 10,000 State bonds Certificates of deposit Total income Expenses 24,000 $1,444,000 $160,000 160,000 $320,000 290,000 85,000 56,000 $12,000 8,000 Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans Loan to purchase state bonds Advertising Rental expense Depreciation* Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses 20,000 6,000 68,000 40,000 15,000 24,000 16,000 (940,000) 16,000 Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books (940,000) $504,000 (106,680) $397,320 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120. December 31, 2018 Balance Sheet January 1, 2018 $380,000 308,400 900,000 160,000 $337,300 480,280 1,012,000 -0- Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets 140,000 300,000 240,000 (88,000) 20,000 3,600 1,320 140,000 300,000 240,000 (128,800) 20,000 2,000 Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets Balance Sheet January 1, 2018 $380,000 308,400 900,000 160,000 -0- 140,000 300,000 240,000 (88,000) 20,000 3,600 $2,363,200 December 31, 2018 $337,300 480,280 1,012,000 160,000 1,320 140,000 300,000 240,000 (128,800) 20,000 2,000 Total assets $2,564,100 Liabilities and Equity January 1, 2018 December 31, 2018 Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $233,880 40,000 200,000 500,000 1,590,220 $2,564,100 Required: Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets 300,000 240,000 (88,000) 20,000 3,600 300,000 240,000 (128,800) 20,000 2,000 $2,564,100 $2,363,200 December 31, 2018 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity January 1, 2018 $300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $233,880 40,000 200,000 500,000 1,590,220 $2,564,100 Required: During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. If an amount box does not require an entry or the answer is zero, enter "O". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. 3 Personal service corp. (see instructions) ... Schedule M-3 attached 2,564,100 E Check if: (1) Initial return (2) Final return (3) Address change Name change (4) 2,408,000 la Gross receipts or sales ........... la b Returns and allowances ........ ...... 1b 80,000 c Balance. Subtract line 1b from line 1a ....... 2,328,000 2 Cost of goods sold (attach Form 1125-A) ............. 920,000 3 Gross profit. Subtract line 2 from line 1c............... 1,408,000 4 Dividends and inclusions(Schedule C, line 23, column(a))....... 12,000 .. 10,000 Income 5 Interest .... 6 Gross rents .. 7 Gross royalties ... 8 Capital gain net income (attach Schedule D (Form 1120)) ............. 9 Net gain or loss) from Form 4797, Part II, line 17 (attach Form 4797) 10 Other income (see instructions-attach statement). .. Total income. Add lines 3 through 10. 1,430,000 Compensation of officers (see instructions-attach Form 1125-E) ....... 320.000 10 10 Other income (see instructions-attach statement). Total income. Add lines 3 through 10...... 1,430,000 . Compensation of officers (see instructions-attach Form 1125-E) ....... 320,000V 13 Salaries and wages (less employment credits)...... 13 290,000 14 Repairs and maintenance ....... 56,000 15 Bad debts. 15 16 Rents... 16 68,000 17 Taxes and licenses.. 17 : : : : : : : RECEI 85,000 18 Interest (see instructions) ........ 18 12,000 19 Charitable contributions ......... 19 is (See instructions for limitations on deductions.) 15,000 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) 40,000 21 Depletion ...... 21 Advertising ........ 22 6,000 V 23 Pension, profit-sharing, etc., plans... 23 24 Employee benefit programs 24 24,000 Reserved for future use .. 25 26 Other deductions (attach statement) ................. 26 Deducti 27 Total deductions. Add lines 12 through 26. ........ 27 916,000 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 28 514,000 29a Net operating loss deduction (see instructions) .... 29a b Special deductions (Schedule C, line 24, column (C))..... 29b 6,000 V c Add lines 29a and 29b ................. 29C 6,000 30 Taxable income. Subtract line 29c from line 28. See instructions ....... 30 31 32 Tax, Refundable Credits, and Payments 31 Total tax (Schedule ), Part I, line 11) ........................................ 32 2018 net 965 tax liability paid (Schedule 1, Part II, line 12)............... Total payments, credits, and section 965 net tax liability (Schedule ), Part III, line 23) ........ Estimated tax penalty. See instructions. Check if Form 2220 is attached ............... 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed .... 33 34 35 36 Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid ... 36 37 Enter amount from line 36 you want: Credited to 2019 estimated tax Refunded 37 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Sign Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule (Form 1120)). See instructions 2 Income tax. See instructions. 3 Base erosion minimum tax (attach Form 8991) ................. 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118).... b Credit from Form 8834 (see instructions) ....... c General business credit (attach Form 3800) ....... d Credit for prior year minimum tax (attach Form 8827).. e Bond credits from Form 8912 6 Total credits. Add lines 5a through 5e.... 7 Subtract line 6 from line 4.... 8 Personal holding company tax (attach Schedule PH (Form 1120))..... 9a Recapture of investment credit (attach Form 4255) ..... b Recapture of low-income housing credit (attach Form 8611) ............ c Interest due under the look-back method-completed long-term contracts (attach Form 8697) ......................... . ... Iver see instruccions allach statement 10 Total. Add lines 9a through of 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 .................... 11 12 Part II-Section 965 Payments (see instructions) 12 2018 net 965 tax liability paid from Form 965-B, Part II, column (k), line 2. Enter here and on page 1, line 32 Part III-Payments, Refundable Credits, and Section 965 Net Tax Liability 13 2017 overpayment credited to 2018 ........ 14 2018 estimated tax payments ....... .... 14 15 2018 refund applied for on Form 4466 ........ 15 16 Combine lines 13, 14, and 15..................................................... 16 17 Tax deposited with Form 7004................. 18 Withholding (see instructions) ............. 19 Total payments. Add lines 16, 17, and 18.... 20 Refundable credits from: a Form 2439.................... b Form 4136 .......... 202 c Form 8827, line 8c ........... 20c d Other (attach statement-see instructions). 200 21 Total credits. Add lines 20a through 20d . . . . . 21 13 2017 overpayment credited to 2018..... 13 14 2018 estimated tax payments.. 15 2018 refund applied for on Form 4466 .. 16 Combine lines 13, 14, and 15......... 17 Tax deposited with Form 7004........ 18 Withholding (see instructions) .......... 19 Total payments. Add lines 16, 17, and 18 ..... 20a 20 Refundable credits from: a Form 2439 b Form 4136 .................. 20b c Form 8827, line 8c ........ 20c d Other (attach statement-see instructions) ... 200 21 Total credits. Add lines 20a through 20d 22 2018 net 965 tax liability from Form 965-B, Part I, column (d), line 2. See instructions ...... 23 Total payments, credits, and section 965 net tax liability. Add lines 19, 21, and 22. Enter here and on page 1, line 33............................................................... Form 1120 (2018) stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary. At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? ... For rules of attribution, see section 318. If "Yes, "enter: (a) Percentage owned __and (b) Owner's country (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached Check this box if the corporation issued publicly offered debt instruments with original issue discount ......... If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax year $ 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid. Enter the available NOL carryover from prior tax years do not reduce it by any deduction reported on page 1, line 29a.) ......... ............ $ None 12 . .. .. .. .. .. .. .. . .. . . .. .. .. .. .. .. .. . .. . . Note: This problem is for the 2018 tax year. On February 12, 2005, Nancy Trout and Delores Lake formed Kingfisher Corporation to sell fishing tackle. Pertinent information regarding Kingfisher is summarized as follows: Kingfisher's business address is 1717 Main Street, Ely, MN 55731; its telephone number is (218) 555-2211; and its e-mail address is kingfisher@kf.com. The employer identification number is 11-1111113, and the principal business activity code is 451110. Nancy owns 50% of the common stock and is president of the company, and Delores owns 50% of the common stock and is vice president of the company. No other class of stock is authorized. Both Nancy and Delores are full-time employees of Kingfisher. Nancy's Social Security number is 123-45-6788, and Delores's Social Security number is 123-45-6787. Kingfisher is an accrual method, calendar year taxpayer. Inventories are determined using FIFO and the lower of cost or market method. Kingfisher uses the straight-line method of deprecation for book purposes and accelerated depreciation (MACRS) for tax purposes. During 2018, the corporation distributed cash dividends of $80,000. Kingfisher's financial statements for 2018 are shown below and on the next page. Income Statement Income Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less-than-20%- $2,408,000 (80,000) $2,328,000 (920,000) $1,408,000 Income Statement Income $2,408,000 (80,000) $2,328,000 (920,000) $1,408,000 Gross sales Sales returns and allowances Net sales Cost of goods sold Gross profit Dividends received from stock investments in less-than-20%- owned U.S. corporations Interest income: State bonds Certificates of deposit Total income Expenses 12,000 $14,000 10,000 24,000 $1,444,000 $160,000 160,000 Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans $320,000 290,000 85,000 56,000 $12,000 $14,000 10,000 State bonds Certificates of deposit Total income Expenses 24,000 $1,444,000 $160,000 160,000 $320,000 290,000 85,000 56,000 $12,000 8,000 Salaries-officers: Nancy Trout Delores Lake Salaries-clerical and sales Taxes (state, local, and payroll) Repairs and maintenance Interest expense: Business loans Loan to purchase state bonds Advertising Rental expense Depreciation* Charitable contributions Employee benefit programs Premiums on term life insurance policies on lives of Janet Morton and Kim Wong; Pet Kingdom is the designated beneficiary Total expenses 20,000 6,000 68,000 40,000 15,000 24,000 16,000 (940,000) 16,000 Kim Wong; Pet Kingdom is the designated beneficiary Total expenses Net income before taxes Federal income tax Net income per books (940,000) $504,000 (106,680) $397,320 * You are not provided enough detailed information to complete a Form 4562 (depreciation). If you solve this problem using Intuit ProConnect, enter the amount of deprecation on line 20 of Form 1120. December 31, 2018 Balance Sheet January 1, 2018 $380,000 308,400 900,000 160,000 $337,300 480,280 1,012,000 -0- Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets 140,000 300,000 240,000 (88,000) 20,000 3,600 1,320 140,000 300,000 240,000 (128,800) 20,000 2,000 Assets Cash Trade notes and accounts receivable Inventories State bonds Federal income tax refund Certificates of deposit Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets Balance Sheet January 1, 2018 $380,000 308,400 900,000 160,000 -0- 140,000 300,000 240,000 (88,000) 20,000 3,600 $2,363,200 December 31, 2018 $337,300 480,280 1,012,000 160,000 1,320 140,000 300,000 240,000 (128,800) 20,000 2,000 Total assets $2,564,100 Liabilities and Equity January 1, 2018 December 31, 2018 Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity $300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $233,880 40,000 200,000 500,000 1,590,220 $2,564,100 Required: Stock investments Buildings and other depreciable assets Accumulated depreciation Land Other assets Total assets 300,000 240,000 (88,000) 20,000 3,600 300,000 240,000 (128,800) 20,000 2,000 $2,564,100 $2,363,200 December 31, 2018 Liabilities and Equity Accounts payable Other current liabilities Mortgages Capital stock Retained earnings Total liabilities and equity January 1, 2018 $300,000 80,300 210,000 500,000 1,272,900 $2,363,200 $233,880 40,000 200,000 500,000 1,590,220 $2,564,100 Required: During 2018, Kingfisher made estimated tax payments of $27,000 each quarter to the IRS. Prepare a Form 1120 for Kingfisher for tax year 2018. If an amount box does not require an entry or the answer is zero, enter "O". Enter all amounts as positive numbers, unless otherwise instructed. If required, round amounts to the nearest dollar. Make realistic assumptions about any missing data. 3 Personal service corp. (see instructions) ... Schedule M-3 attached 2,564,100 E Check if: (1) Initial return (2) Final return (3) Address change Name change (4) 2,408,000 la Gross receipts or sales ........... la b Returns and allowances ........ ...... 1b 80,000 c Balance. Subtract line 1b from line 1a ....... 2,328,000 2 Cost of goods sold (attach Form 1125-A) ............. 920,000 3 Gross profit. Subtract line 2 from line 1c............... 1,408,000 4 Dividends and inclusions(Schedule C, line 23, column(a))....... 12,000 .. 10,000 Income 5 Interest .... 6 Gross rents .. 7 Gross royalties ... 8 Capital gain net income (attach Schedule D (Form 1120)) ............. 9 Net gain or loss) from Form 4797, Part II, line 17 (attach Form 4797) 10 Other income (see instructions-attach statement). .. Total income. Add lines 3 through 10. 1,430,000 Compensation of officers (see instructions-attach Form 1125-E) ....... 320.000 10 10 Other income (see instructions-attach statement). Total income. Add lines 3 through 10...... 1,430,000 . Compensation of officers (see instructions-attach Form 1125-E) ....... 320,000V 13 Salaries and wages (less employment credits)...... 13 290,000 14 Repairs and maintenance ....... 56,000 15 Bad debts. 15 16 Rents... 16 68,000 17 Taxes and licenses.. 17 : : : : : : : RECEI 85,000 18 Interest (see instructions) ........ 18 12,000 19 Charitable contributions ......... 19 is (See instructions for limitations on deductions.) 15,000 20 Depreciation from Form 4562 not claimed on Form 1125-A or elsewhere on return (attach Form 4562) 40,000 21 Depletion ...... 21 Advertising ........ 22 6,000 V 23 Pension, profit-sharing, etc., plans... 23 24 Employee benefit programs 24 24,000 Reserved for future use .. 25 26 Other deductions (attach statement) ................. 26 Deducti 27 Total deductions. Add lines 12 through 26. ........ 27 916,000 28 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 28 514,000 29a Net operating loss deduction (see instructions) .... 29a b Special deductions (Schedule C, line 24, column (C))..... 29b 6,000 V c Add lines 29a and 29b ................. 29C 6,000 30 Taxable income. Subtract line 29c from line 28. See instructions ....... 30 31 32 Tax, Refundable Credits, and Payments 31 Total tax (Schedule ), Part I, line 11) ........................................ 32 2018 net 965 tax liability paid (Schedule 1, Part II, line 12)............... Total payments, credits, and section 965 net tax liability (Schedule ), Part III, line 23) ........ Estimated tax penalty. See instructions. Check if Form 2220 is attached ............... 35 Amount owed. If line 33 is smaller than the total of lines 31, 32, and 34, enter amount owed .... 33 34 35 36 Overpayment. If line 33 is larger than the total of lines 31, 32, and 34, enter amount overpaid ... 36 37 Enter amount from line 36 you want: Credited to 2019 estimated tax Refunded 37 Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge. Sign Schedule J Tax Computation and Payment (see instructions) Part I-Tax Computation 1 Check if the corporation is a member of a controlled group (attach Schedule (Form 1120)). See instructions 2 Income tax. See instructions. 3 Base erosion minimum tax (attach Form 8991) ................. 4 Add lines 2 and 3 5a Foreign tax credit (attach Form 1118).... b Credit from Form 8834 (see instructions) ....... c General business credit (attach Form 3800) ....... d Credit for prior year minimum tax (attach Form 8827).. e Bond credits from Form 8912 6 Total credits. Add lines 5a through 5e.... 7 Subtract line 6 from line 4.... 8 Personal holding company tax (attach Schedule PH (Form 1120))..... 9a Recapture of investment credit (attach Form 4255) ..... b Recapture of low-income housing credit (attach Form 8611) ............ c Interest due under the look-back method-completed long-term contracts (attach Form 8697) ......................... . ... Iver see instruccions allach statement 10 Total. Add lines 9a through of 11 Total tax. Add lines 7, 8, and 10. Enter here and on page 1, line 31 .................... 11 12 Part II-Section 965 Payments (see instructions) 12 2018 net 965 tax liability paid from Form 965-B, Part II, column (k), line 2. Enter here and on page 1, line 32 Part III-Payments, Refundable Credits, and Section 965 Net Tax Liability 13 2017 overpayment credited to 2018 ........ 14 2018 estimated tax payments ....... .... 14 15 2018 refund applied for on Form 4466 ........ 15 16 Combine lines 13, 14, and 15..................................................... 16 17 Tax deposited with Form 7004................. 18 Withholding (see instructions) ............. 19 Total payments. Add lines 16, 17, and 18.... 20 Refundable credits from: a Form 2439.................... b Form 4136 .......... 202 c Form 8827, line 8c ........... 20c d Other (attach statement-see instructions). 200 21 Total credits. Add lines 20a through 20d . . . . . 21 13 2017 overpayment credited to 2018..... 13 14 2018 estimated tax payments.. 15 2018 refund applied for on Form 4466 .. 16 Combine lines 13, 14, and 15......... 17 Tax deposited with Form 7004........ 18 Withholding (see instructions) .......... 19 Total payments. Add lines 16, 17, and 18 ..... 20a 20 Refundable credits from: a Form 2439 b Form 4136 .................. 20b c Form 8827, line 8c ........ 20c d Other (attach statement-see instructions) ... 200 21 Total credits. Add lines 20a through 20d 22 2018 net 965 tax liability from Form 965-B, Part I, column (d), line 2. See instructions ...... 23 Total payments, credits, and section 965 net tax liability. Add lines 19, 21, and 22. Enter here and on page 1, line 33............................................................... Form 1120 (2018) stock) in excess of the corporation's current and accumulated earnings and profits? See sections 301 and 316 If "Yes," file Form 5452, Corporate Report of Nondividend Distributions. See the instructions for Form 5452. If this is a consolidated return, answer here for the parent corporation and on Form 851 for each subsidiary. At any time during the tax year, did one foreign person own, directly or indirectly, at least 25% of the total voting power of all classes of the corporation's stock entitled to vote or at least 25% of the total value of all classes of the corporation's stock? ... For rules of attribution, see section 318. If "Yes, "enter: (a) Percentage owned __and (b) Owner's country (c) The corporation may have to file Form 5472, Information Return of a 25% Foreign-Owned U.S. Corporation or a Foreign Corporation Engaged in a U.S. Trade or Business. Enter the number of Forms 5472 attached Check this box if the corporation issued publicly offered debt instruments with original issue discount ......... If checked, the corporation may have to file Form 8281, Information Return for Publicly Offered Original Issue Discount Instruments. 9 Enter the amount of tax-exempt interest received or accrued during the tax year $ 10 Enter the number of shareholders at the end of the tax year (if 100 or fewer) 11 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here (see instructions) If the corporation is filing a consolidated return, the statement required by Regulations section 1.1502-21(b)(3) must be attached or the election will not be valid. Enter the available NOL carryover from prior tax years do not reduce it by any deduction reported on page 1, line 29a.) ......... ............ $ None 12
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