INSTRUCTIONS FOR FILING 2010 U.S. CORPORATION INCOME TAX RETURN
April 08, 2011
SIGNATURE:

An authorized officer of the corporation should sign and date the return at the bottom of the first page.
FILING:

File your 2010 Form 1120, U.S. Corporation Income Tax Return, (or Form 1120-H, U.S. Income Tax Return for Homeowners Associations) with: Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999-0012 File your 2010 Form 1120/1120-H on or before: March 15, 2011

The IRS may treat tax returns and estimated tax payments that are lost in the mail as not filed on time, unless you send them by registered or certified mail. To avoid the risk of your tax return being lost, mail it via (1) certified U.S. mail, return receipt requested, or (2) one of the private delivery services listed in the IRS instructions under "When to File." Save the receipt, and you will be presumed to have timely filed your return - even if it is not received by the IRS.
TAX DUE OR REFUND, OVERPAYMENT, ESTIMATED TAXES:

No tax is due with your Federal income tax return.

Form

1120

U.S. Corporation Income Tax Return
For calendar year 2010 or tax year beginning , 2010, ending G See separate instructions.
Name

OMB No. 1545-0123

Department of the Treasury Internal Revenue Service

, B C

2010
Employer identification number

A Check if: 1 a Consolidated return b 2 3 4

(attach Form 851) Life/nonlife consolidated return Personal holding co (attach Sch PH) Personal service corp (see instr) Schedule M-3 attached

SNAP-IT-OPEN CORPORATION
Number, street, and room or suite number. If a P.O. box, see instructions.

69-7414447
Date incorporated

Print or Type

3701 COMMERCE DRIVE
City or town State ZIP code

01/15/2010
D
Total assets (see instructions)

E

Check if:

I N C O M E

D E D U C T I O N S

F O R

L I M I T A T I O N S S E E O N I N D S E T D R U U C C T T I I O O N N S S T A X R E F U N D A B L E A N D

1a 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29

P A Y M E N C T R S E D I T S

Gross receipts or sales c Balance Cost of goods sold (Schedule A, line 8) Gross profit. Subtract line 2 from line 1c Dividends (Schedule C, line 19) Interest Gross rents Gross royalties Capital gain net income (attach Schedule D (Form 1120)) Net gain or (loss) from Form 4797, Part II, line 17 (attach Form 4797) Other income (see instructions ' attach schedule) Total income. Add lines 3 through 10 Compensation of officers (Schedule E, line 4) Salaries and wages (less employment credits) Repairs and maintenance Bad debts Rents Taxes and licenses Interest Charitable contributions Depreciation from Form 4562 not claimed on Schedule A or elsewhere on return (attach Form 4562) Depletion Advertising Pension, profit-sharing, etc, plans Employee benefit programs Domestic production activities deduction (attach Form 8903) Other deductions (attach schedule) See Other Deductions Statement Total deductions. Add lines 12 through 26 Taxable income before net operating loss deduction and special deductions. Subtract line 27 from line 11 Less: a Net operating loss deduction (see instructions) 29 a b Special deductions (Schedule C, line 20) 29 b 30 Taxable income. Subtract line 29c from line 28 (see instructions) 31 Total tax (Schedule J, line 10) 32 a 2009 overpayment credited to 2010 32 a b 2010 estimated tax payments 32 b c 2010 refund applied for on Form 4466 32 c d BalG 32 d e Tax deposited with Form 7004 32 e (2) Form f Credits: (1) Form 32 f
2439 4136

BALTIMORE (1) X Initial return (2) Final return 1,535,000. b Less returns & allowances

MD 23239
(3) Name change

$
(4) 1c 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 c 30 31

1,571,490.
Address change

1,535,000. 428,000. 1,107,000.

1,107,000. 186,000. 20,000. 0. 240,000. 35,810.

482,190. 40,000.

103,000. 1,107,000. 0.

0.

g Refundable credits from Form 3800, line 19c, and Form 8827, line 8c 32 g 33 Estimated tax penalty (see instructions). Check if Form 2220 is attached 34 Amount owed. If line 32h is smaller than the total of lines 31 and 33, enter amount owed 35 Overpayment. If line 32h is larger than the total of lines 31 and 33, enter amount overpaid 36 Enter amount from line 35 you want: Credited to 2011 estimated tax

Refunded G

32 h 33 34 35 36
May the IRS discuss this return with the preparer shown below (see instructions)?

Sign Here

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.

A

04/09/11
Signature of officer Print/Type preparer’s name Date Preparer’s signature

A

50% OWNER
Title Check self-employed if

Yes
PTIN

No

Date

Paid Preparer Use Only

Firm’s name Firm’s address

G G

Self-Prepared

Firm’s EIN

G

Phone no.

BAA For Paperwork Reduction Act Notice, see separate instructions.

CPCA0212

02/09/11

Form 1120 (2010)

Form 1120 (2010) 1 2 3 4 5 6 7 8 9a

SNAP-IT-OPEN CORPORATION Schedule A Cost of Goods Sold (see instructions)
Inventory at beginning of year Purchases Cost of labor Additional section 263A costs (attach schedule) Other costs (attach schedule) Total. Add lines 1 through 5 Inventory at end of year Cost of goods sold. Subtract line 7 from line 6. Enter here and on page 1, line 2 Check all methods used for valuing closing inventory: (i) Cost (ii) Lower of cost or market (iii) X Other (Specify method used and attach explanation.) FIFO

69-7414447
1 2 3 4 5 6 7 8

Page 2

355,000. 106,000.

461,000. 33,000. 428,000.

b Check if there was a writedown of subnormal goods c Check if the LIFO inventory method was adopted this tax year for any goods (if checked, attach Form 970) d If the LIFO inventory method was used for this tax year, enter percentage (or amounts) of closing inventory computed under LIFO e If property is produced or acquired for resale, do the rules of section 263A apply to the corporation? f Was there any change in determining quantities, cost, or valuations between opening and closing inventory? If ’Yes,’ attach explanation 9d Yes Yes (b) Percentage

X No X No

Schedule C Dividends and Special Deductions (see instructions)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Dividends from less-than-20%-owned domestic corporations (other than debt-financed stock)

(a) Dividends received

(c) Special deductions (a) x (b)

70 80 see instructions

Dividends from 20%-or-more-owned domestic corporations (other than debt-financed stock) Dividends on debt-financed stock of domestic and foreign corporations Dividends on certain preferred stock of less-than-20%-owned public utilities Dividends on certain preferred stock of 20%-or-more-owned public utilities Dividends from less-than-20%-owned foreign corporations and certain FSCs Dividends from 20%-or-more-owned foreign corporations and certain FSCs Dividends from wholly owned foreign subsidiaries Total. Add lines 1 through 8. See instructions for limitation Dividends from domestic corporations received by a small business investment company operating under the Small Business Investment Act of 1958 Dividends from affiliated group members Dividends from certain FSCs Dividends from foreign corporations not included on lines 3, 6, 7, 8, 11, or 12 Income from controlled foreign corporations under subpart F (attach Form(s) 5471) Foreign dividend gross-up IC-DISC and former DISC dividends not included on lines 1, 2, or 3 Other dividends Deduction for dividends paid on certain preferred stock of public utilities Total dividends. Add lines 1 through 17. Enter here and on page 1, line 4 Total special deductions. Add lines 9, 10, 11, 12, and 18. Enter here and on page 1, line 29b

42 48 70 80 100 100 100 100

Schedule E
1

Compensation of Officers (see instructions for page 1, line 12)
Note: Complete Schedule E only if total receipts (line 1a plus lines 4 through 10 on page 1) are $500,000 or more. (c) Percent of Percent of corporation stock owned (a) (b) (f) Amount of time devoted Name of officer Social security number compensation to business (d) Common (e) Preferred

% % % % %
2 3 4 Total compensation of officers Compensation of officers claimed on Schedule A and elsewhere on return Subtract line 3 from line 2. Enter the result here and on page 1, line 12

% % % % %

% % % % %

Form 1120 (2010)

CPCA0212 02/09/11

Form 1120 (2010)

Schedule J
1 2

SNAP-IT-OPEN CORPORATION Tax Computation (see instructions)

69-7414447

Page 3

Check if the corporation is a member of a controlled group (attach Schedule O (Form 1120)) Income tax. Check if a qualified personal service corporation (see instructions) 3 Alternative minimum tax (attach Form 4626) 4 Add lines 2 and 3 5 a Foreign tax credit (attach Form 1118) 5a b Credit from Form 8834, line 29 5b c General business credit (attach Form 3800) 5c d Credit for prior year minimum tax (attach Form 8827) 5d e Bond credits from Form 8912 5e 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)) 9 Other taxes. Form 4255 Form 8611 Form 8697 Check if from: Form 8866 Form 8902 Other (att schedule) 10 Total tax. Add lines 7 through 9. Enter here and on page 1, line 31

2 3 4

6 7 8 9 10 Yes No

Schedule K
1 2

Other Information (see instructions)

Check accounting method a Cash b X Accrual c Other (specify) G See the instructions and enter the: a Business activity code no. G 339900 b Business activity G ASSEMBLE AND MARKET UMBRELLA c Product or service G UMBRELLAS 3 Is the corporation a subsidiary in an affiliated group or a parent-subsidiary controlled group? If ’Yes,’ enter name and EIN of the parent corporation G 4 At the end of the tax year: a Did any foreign or domestic corporation, partnership (including any entity treated as a partnership), trust, or tax-exempt organization own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote? If ’Yes,’ complete Part I of Schedule G (Form 1120) (attach Schedule G) b Did any individual or estate own, directly 20% or more, or own directly or indirectly, 50% or more of the total voting power of all classes of the corporation’s stock entitled to vote? If ’Yes,’ complete Part II of Schedule G (Form 1120) (attach Schedule G) 5 At the end of the tax year, did the corporation: a Own directly 20% or more, or own, directly or indirectly, 50% or more of the total voting power of all classes of stock entitled to vote of any foreign or domestic corporation not included on Form 851, Affiliations Schedule? For rules of constructive ownership, see instructions If ’Yes,’ complete (i) through (iv) (i) Name of Corporation (ii) Employer Identification Number (if any) (iii) Country of Incorporation

X

X X

X

(iv) Percentage Owned in Voting Stock

BAA

CPCA0234

02/15/11

Form 1120 (2010)

Form 1120 (2010)

Schedule K

SNAP-IT-OPEN CORPORATION Continued

69-7414447

Page 4

b Own directly an interest of 20% or more, or own, directly or indirectly, an interest of 50% or more in any foreign or domestic partnership (including an entity treated as a partnership) or in the beneficial interest of a trust? For rules of constructive ownership see instructions If ’Yes,’ complete (i) through (iv) (i) Name of Entity (ii) Employer Identification Number (if any) (iii) Country of Incorporation

X
(iv) Maximum Percentage Owned in Profit, Loss, or Capital

6

During this tax year, did the corporation pay dividends (other than stock dividends and distributions in exchange for 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. 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 (a) the total voting power of all classes of the corporation’s stock entitled to vote or (b) the total value of all classes of the corporation’s stock? For rules of attribution see section 318. If ’Yes," enter: (i) Percentage owned G and (ii) Owner’s country G (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 G

X

7

X

8 9 10 11

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. Enter the amount of tax-exempt interest received or accrued during the tax year G $ Enter the number of shareholders at the end of the tax year (if 100 or fewer) G 2 If the corporation has an NOL for the tax year and is electing to forego the carryback period, check here 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 on line 29a.)G

G

G

12 13

$ X

Are the corporation’s total receipts (line 1a plus lines 4 through 10 on page 1) for the tax year and its total assets at the end of the tax year less than $250,000? If ’Yes,’ the corporation is not required to complete Schedules L, M-1, and M-2 on page 5. Instead, enter the total amount of cash distributions and the book value property distributions (other than cash) made during the tax year. G$

14

Is the corporation required to file Schedule UTP (Form 1120), Uncertain Tax Position Statement (see instructions)? If ’Yes,’ complete and attach Schedule UTP.

X
Form 1120 (2010)

CPCA0234

02/15/11

Form 1120 (2010)

Schedule L

SNAP-IT-OPEN CORPORATION Balance Sheets per Books

69-7414447
Beginning of tax year (a) (b) End of tax year (c) (d)

Page 5

0. Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return
1 2 3 4 Net income (loss) per books Federal income tax per books Excess of capital losses over capital gains Income subject to tax not recorded on books this year (itemize): Expenses recorded on books this year not deducted on this return (itemize): a Depreciation $ 100,000. b Charitable contributions $ c Travel & entertainment $ 7,500. See Ln 5 Stmt 30,700.

Assets 1 Cash 2 a Trade notes and accounts receivable b Less allowance for bad debts 3 Inventories 4 U.S. government obligations 5 Tax-exempt securities (see instructions) 6 Other current assets (attach schedule) 7 Loans to shareholders 8 Mortgage and real estate loans 9 Other investments (attach schedule) 10 a Buildings and other depreciable assets b Less accumulated depreciation 11 a Depletable assets b Less accumulated depletion 12 Land (net of any amortization) 13 a Intangible assets (amortizable only) b Less accumulated amortization 14 Other assets (attach schedule) 15 Total assets Liabilities and Shareholders’ Equity 16 Accounts payable 17 Mortgages, notes, bonds payable in less than 1 year 18 Other current liabilities (attach sch) Ln 18 Stmt 19 Loans from shareholders 20 Mortgages, notes, bonds payable in 1 year or more 21 Other liabilities (attach schedule) 22 Capital stock: a Preferred stock b Common stock 23 Additional paid-in capital 24 Retained earnings ' Approp (att sch) Ln 24 Stmt 25 Retained earnings ' Unappropriated 26 Adjmnt to shareholders’ equity (att sch) 27 Less cost of treasury stock 28 Total liabilities and shareholders’ equity

374,190. 355,000. 30,700. 324,300. 33,000. 40,000.

900,000. 100,000.

800,000.

1,571,490. 750,000. 57,500.

100,000.

0.

100,000. 400,000. 263,990. 0.

1,571,490.

Note: Schedule M-3 required instead of Schedule M-1 if total assets are $10 million or more ' see instructions

343,990. 0.

7

Income recorded on books this year not included on this return (itemize):
Tax-exempt interest

$

8 5

Deductions on this return not charged against book income this year (itemize): a Depreciation $ 482,190. b Charitable contribns $ See Ln 8 Stmt 0.

138,200. 9 Add lines 7 and 8 6 Add lines 1 through 5 482,190. 10 Income (page 1, line 28) ' line 6 less line 9 Schedule M-2 Analysis of Unappropriated Retained Earnings per Books (Line 25, Schedule L) 1 Balance at beginning of year 0. 5 Distributions a Cash 2 Net income (loss) per books 343,990. b Stock c Property
3 Other increases (itemize): 6 7 8 Other decreases (itemize): Add lines 5 and 6 Balance at end of year (line 4 less line 7)

482,190. 482,190. 0.

4

Add lines 1, 2, and 3

343,990.
CPCA0234

343,990.
Form 1120 (2010)

02/15/11

OMB No. 1545-0172

Form

4562
(99)

Depreciation and Amortization
(Including Information on Listed Property)
G See separate instructions. G Attach to your tax return.

Department of the Treasury Internal Revenue Service Name(s) shown on return

2010
Attachment Sequence No. Identifying number

67

SNAP-IT-OPEN CORPORATION
Business or activity to which this form relates

69-7414447

Form 1120 Line 20 Part I Election To Expense Certain Property Under Section 179
Note: If you have any listed property, complete Part V before you complete Part I. 1 2 3 4 5 6 Maximum amount (see instructions) Total cost of section 179 property placed in service (see instructions) Threshold cost of section 179 property before reduction in limitation (see instructions) Reduction in limitation. Subtract line 3 from line 2. If zero or less, enter -0Dollar limitation for tax year. Subtract line 4 from line 1. If zero or less, enter -0-. If married filing separately, see instructions (a) Description of property (b) Cost (business use only) 1 2 3 4 5 (c) Elected cost

500,000. 900,000. 2,000,000. 0. 500,000.

4 MACHINES

900,000.

500,000.

7 Listed property. Enter the amount from line 29 7 8 Total elected cost of section 179 property. Add amounts in column (c), lines 6 and 7 9 Tentative deduction. Enter the smaller of line 5 or line 8 10 Carryover of disallowed deduction from line 13 of your 2009 Form 4562 11 Business income limitation. Enter the smaller of business income (not less than zero) or line 5 (see instrs) 12 Section 179 expense deduction. Add lines 9 and 10, but do not enter more than line 11 13 Carryover of disallowed deduction to 2011. Add lines 9 and 10, less line 12 13 Note: Do not use Part II or Part III below for listed property. Instead, use Part V.

8 9 10 11 12

500,000. 500,000. 425,047. 425,047.

74,953.

Part II
14

Special Depreciation Allowance and Other Depreciation (Do not include listed property.) (See instructions.)
14 15 16

Special depreciation allowance for qualified property (other than listed property) placed in service during the tax year (see instructions) 15 Property subject to section 168(f)(1) election 16 Other depreciation (including ACRS) Part III MACRS Depreciation (Do not include listed property.) (See instructions) Section A 17 MACRS deductions for assets placed in service in tax years beginning before 2010 18

17

If you are electing to group any assets placed in service during the tax year into one or more general asset accounts, check here Section B ' Assets Placed in Service During 2010 Tax Year Using the General Depreciation System (c) Basis for depreciation (a) (b) Month and (d) (e) (f)
Classification of property year placed in service (business/investment use only ' see instructions) Recovery period Convention Method

(g) Depreciation deduction 19 a 3-year property b 5-year property c 7-year property d 10-year property e 15-year property f 20-year property g 25-year property h Residential rental property i Nonresidential real property 20 a Class life b 12-year c 40-year

400,000.

7.0 yrs

HY

200 DB

57,143.

25 yrs 27.5 yrs 27.5 yrs 39 yrs

MM MM MM MM

S/L S/L S/L S/L S/L S/L S/L S/L
21 22

Section C ' Assets Placed in Service During 2010 Tax Year Using the Alternative Depreciation System

12 yrs 40 yrs

MM

Part IV
21 22

Summary (See instructions.) 482,190.
Form 4562 (2010)

Listed property. Enter amount from line 28 Total. Add amounts from line 12, lines 14 through 17, lines 19 and 20 in column (g), and line 21. Enter here and on the appropriate lines of your return. Partnerships and S corporations ' see instructions 23 For assets shown above and placed in service during the current year, enter the portion of the basis attributable to section 263A costs 23 BAA For Paperwork Reduction Act Notice, see separate instructions. FDIZ0812 10/29/10

Form 4562 (2010)

Part V

SNAP-IT-OPEN CORPORATION 69-7414447 Listed Property (Include automobiles, certain other vehicles, certain computers, and property used for entertainment, recreation, or amusement.) Note: For any vehicle for which you are using the standard mileage rate or deducting lease expense, complete only 24a, 24b, columns (a) through (c) of Section A, all of Section B, and Section C if applicable.

Page 2

Section A ' Depreciation and Other Information (Caution: See the instructions for limits for passenger automobiles.) 24 a Do you have evidence to support the business/investment use claimed? Yes No 24b If ’Yes,’ is the evidence written? Yes No (a) (b) (c) (d) (e) (f) (g) (h) (i)
Type of property (list vehicles first) Date placed in service Business/ investment use percentage Cost or other basis Basis for depreciation (business/investment use only) Recovery period Method/ Convention Depreciation deduction Elected section 179 cost

25 26

Special depreciation allowance for qualified listed property placed in service during the tax year and used more than 50% in a qualified business use (see instructions) Property used more than 50% in a qualified business use:

25

27 Property used 50% or less in a qualified business use:

28 Add amounts in column (h), lines 25 through 27. Enter here and on line 21, page 1 28 29 Add amounts in column (i), line 26. Enter here and on line 7, page 1 29 Section B ' Information on Use of Vehicles Complete this section for vehicles used by a sole proprietor, partner, or other ’more than 5% owner,’ or related person. If you provided vehicles to your employees, first answer the questions in Section C to see if you meet an exception to completing this section for those vehicles. 30 Total business/investment miles driven during the year (do not include commuting miles) Total commuting miles driven during the year Total other personal (noncommuting) miles driven Total miles driven during the year. Add lines 30 through 32 Yes 34 35 36 Was the vehicle available for personal use during off-duty hours? Was the vehicle used primarily by a more than 5% owner or related person? Is another vehicle available for personal use? Section C ' Questions for Employers Who Provide Vehicles for Use by Their Employees No Yes No Yes No Yes No Yes No Yes No (a) Vehicle 1 (b) Vehicle 2 (c) Vehicle 3 (d) Vehicle 4 (e) Vehicle 5 (f) Vehicle 6

31 32 33

Answer these questions to determine if you meet an exception to completing Section B for vehicles used by employees who are not more than 5% owners or related persons (see instructions). 37 Do you maintain a written policy statement that prohibits all personal use of vehicles, including commuting, by your employees? 38 Do you maintain a written policy statement that prohibits personal use of vehicles, except commuting, by your employees? See the instructions for vehicles used by corporate officers, directors, or 1% or more owners 39 Do you treat all use of vehicles by employees as personal use? 40 Do you provide more than five vehicles to your employees, obtain information from your employees about the use of the vehicles, and retain the information received? 41 Do you meet the requirements concerning qualified automobile demonstration use? (See instructions.) Note: If your answer to 37, 38, 39, 40, or 41 is ’Yes,’ do not complete Section B for the covered vehicles. Yes No

Part VI

Amortization
(a)
Description of costs

(b)
Date amortization begins

(c)
Amortizable amount

(d)
Code section

(e)
Amortization period or percentage

(f)
Amortization for this year

42

Amortization of costs that begins during your 2010 tax year (see instructions):

43 44

Amortization of costs that began before your 2010 tax year Total. Add amounts in column (f). See the instructions for where to report
FDIZ0812 10/29/10

43 44 Form 4562 (2010)

SNAP-IT-OPEN CORPORATION 69-7414447 Election Statement Election out of Qualified Economic Stimulus Property

1

Election Out of Qualified Economic Stimulus Property
Attach to your return
Taxpayer hereby elects under IRC Section 168(k)(2)(D)(iii) out of having Qualified Economic Stimulus property for the following asset classes placed in service during the tax year ending: December 31, 2010

7 Year Property

Name: Identification Number: Tax Year Ending:

SNAP-IT-OPEN CORPORATION 69-7414447 December 31, 2010

Election to Amortize/Deduct Start-up Expenses
The corporation elects under IRC Section 195(b)(1) of the Internal Revenue Code to: 1 2 3 4 5 Deduct start-up expenditures limited to $10,000 incurred Amortize remaining start-up expenditures incurred Number of months (not less than 180) to amortize expenditures Total start-up expenditures Name of the trade or business

0. 500,000. 180 500,000.

SNAP-IT-OPEN CORPORATION
6 Description of the trade or business

MANUFACTURER

7 8

Month in which business began Detail of start-up expenses paid or incurred Description of Start-up Expense Date Incurred Amount

REVENUE

01/15/10

500,000.

CPCW1001.SCR 12/21/10

SNAP-IT-OPEN CORPORATION 69-7414447 Form 1120, Page 1, Line 26 Other Deductions Statement

1

MEALS AND ENTERTAINMENT (50%) HEALTH INSURANCE TRAVEL GROUP LIEF INSURANCE INTEREST EXPENSE
Total

7,500. 16,000. 20,000. 2,000. 57,500. 103,000.

Form 1120, Page 5, Schedule L, Line 18 Ln 18 Stmt Beginning of tax year End of tax year

Other Current Liabilities: INTEREST PAYABLE
Total

57,500. 57,500.

Form 1120, Page 5, Schedule L, Line 24 Ln 24 Stmt Beginning of tax year End of tax year

Retained Earnings ' Appropriated:

263,990.
Total

263,990.

Form 1120, Page 4, Schedule M-1, Line 5 Ln 5 Stmt

bad debts
Total

30,700. 30,700.

Form 1120, Page 4, Schedule M-1, Line 8 Ln 8 Stmt

Prior years passive losses absorbed
Total

0. 0.