Every Corporation must file regardless of the amount of income or loss. A corporation must continue to file until it is dissolved. - IRS Publication 542.
Estimated payments are required if a corporation is expected to owe over $500 in tax.
A 2010 Form 1120 should be filed.
Minimum penalty for late filing: if a return is more than 60 days late is the lesser of $135 or 100% of the amount of tax required to be shown on the return.
Penalties for late filing and late payment will not be imposed if the corporation can show the failure was due to reasonable cause. A statement explaining the reasonable cause must be attached to the tax return. For reasonable cause exceptions, see Section 220.127.116.11 - Criteria for Relief from Penalties of the Internal Revenue Manual (www.IRS.Gov - search for Internal Revenue Manual)
I find in first year failure to file situations the IRS will abate penalties if requested regardless of the reason provided, it seems to be a once in lifetime request for the entity involved.
Thank you very much