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Olive Corporation was formed and began operations on January 1, 2019. The corporation's income statement for the year and the balance sheet at year-end are
Olive Corporation was formed and began operations on January 1, 2019. The corporation's income statement for the year and the balance sheet at year-end are presented below.
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The corporation made estimated tax payments of $5,000 and the corporation's book federal income tax expense is equal to the federal tax liability. Assume any overpayment is credited to the 2020 estimated tax.
Required: Prepare Form 1120.
- Enter all amounts as positive numbers, except for a "loss". If required, enter a "loss" as a negative number on the tax form.
- If an amount box does not require an entry, or the answer is zero, enter "0".
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