Question: Olive Corporation was formed and began operations on January 1
Olive Corporation was formed and began operations on January 1, 2014. The corporation’s income statement for the year and the balance sheet at year-end are presented below.
The corporation made estimated tax payments of $4,000 and the corporation’s federal income tax expense is equal to the federal tax liability. Complete Form 1120 for Olive Corporation on Pages 11-37 through 11-41.
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