Go to the IRS Webpage (www.irs.gov) and print page 5 of a Form 1120. Complete Schedule M-1

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Go to the IRS Webpage (www.irs.gov) and print page 5 of a Form 1120. Complete Schedule M-1 for each of the following cases:
a. Corporate financial statement net income of $52,000 including tax expense of $15,000, charitable contributions of $3,000, and depreciation expense of $37,000. Depreciation expense for tax purposes is $46,000.
b. Corporate financial statement net income of $139,000 including tax expense of $68,000, charitable contributions of $28,000, depreciation expense of $103,000, and travel and entertainment expenses of $31,000. Depreciation expense for tax purposes is $145,000.
c. Corporate financial statement net income of $226,000 including tax expense of $111,000, charitable contributions of $16,000, municipal bond interest of $19,000, travel and entertainment expenses of 41,000, capital gains of $6,000, and depreciation expense of $142,000. Depreciation expense for tax purposes is $131,000 and the corporation has a $7,000 charitable contribution carryforward for the current year.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Fundamentals Of Taxation 2015

ISBN: 9781259293092

8th Edition

Authors: Ana Cruz, Michael Deschamps, Frederick Niswander, Debra Prendergast, Dan Schisler, Jinhee Trone

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