Complete Schedule M-3 using the Excel sheet. Print the file titled Schedule M-3 partially completed.pdf .
Fantastic news! We've Found the answer you've been seeking!
Question:
Complete Schedule M-3 using the Excel sheet.
- Print the file titled “Schedule M-3 – partially completed.pdf ”.
- Complete Parts II and III of Schedule M-3 by hand:
- Locate the rows with book-tax differences and input the book-tax adjustment you calculated in Step 1, making sure you properly input the adjustment in the Temporary or Permanent columns on the Schedule M-3.
- Compute the resulting taxable income/deduction and input your answer in column (d) of the applicable row.
- Hint – in Part III, expense amounts are shown as positive amounts. Therefore, if a book-tax difference reduces book expense, you will show a negative number in the Temporary or Permanent columns.
- The book-tax differences associated with capital losses and income tax expense have already been completed for you.
- In Part III, total each column in Row 38 – column (a) has already been totaled for you.
- in Part II, subtotal each column in Row 26 as instructed on the form – column (a) has already been subtotaled for you.
- In Part II Line 27, fill in the amounts you totaled for each column in (d) above.
- In Part II, input the total for each column in Row 30, following the specific instructions on the form.
- Checkpoint – Schedule M-3 Part II Row 30 column (d) should equal the taxable income you calculated in Step 1 (on the “Book-to-tax Rec” Excel worksheet).
Related Book For
Posted Date: