Question

Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M–1 for 2014:
Net income per books (after-tax)........ $257,950
Federal income tax per books .......... 41,750
Tax-exempt interest income........... 15,000
Life insurance proceeds received as a result of death of corporate
president.................... 150,000
Interest on loan to purchase tax-exempt bonds...... 1,500
Excess of capital losses over capital gains...... 6,000
Premiums paid on life insurance policy on life of Emerald’s
president.................... 7,800


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  • CreatedMay 25, 2015
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