Corporations are required to detail their book/tax differences on either Schedule M-1 or Schedule M-3 attached to
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Schedule M-1
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Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return Note: The corporation may be required to file Schedule M-3. See instructions. Net income (loss) per books . Federal income tax per books Excess of capital losses over capital gains 343,093 7 181,474 Income recorded on books this year not included on this return (itemize): Tax-exempt interest 2. 20,500 Income subject to tax not recorded on books this year (itemize): Deferred gain like-kind exchange Deductions on this return not charged against book income this year (itemize): 71,200 8,100 Prepaid rent Expenses recorded on books this year not deducted on this return (itemize): Depreciation Charitable contributions . Travel and entertainment. $ 2$ 43,812 a Depreciation b Charitable contributions $ 2$ a 13,909 43,812 115,012 453,364 Add lines 7 and 8 Income (page 1, line 28)-line 6 less line 9 15,209 Bad debts Add lines 1 through 5. 568,376 10
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Related Book For
Principles Of Taxation For Business And Investment Planning 2019 Edition
ISBN: 9781260161472
22nd Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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