TSK Corp. reports the following information for 2020: www Book Net income after all taxes Federal...
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TSK Corp. reports the following information for 2020: www Book Net income after all taxes Federal income tax expense State tax expense Net capital loss US Treasury Bond interest income Excess charitable contributions Penalty for late payment of federal taxes Book depreciation in excess of tax depreciation Installment sale proceeds (a) Unappropriated retained earnings-1/1/20 Dividends paid in 2020 $700,000 187,000 60,000 (9,000) 12,000 8,000 5,000 4,000 20,000 900,000 96,000 (a) The installment sale proceeds were from a sale in 2019: Sales price $100,000-Adjusted basis $75,000= Gross profit $25,000. C Corp. will receive five year annual payments of $20,000. 1. Based on the above information, complete US Form 1120 Schedules M-1 and M-2, using a worksheet or IRS forms. 2. Briefly indicate the major differences between Form 1120 Schedules M-1 and M-3. TSK Corp. reports the following information for 2020: www Book Net income after all taxes Federal income tax expense State tax expense Net capital loss US Treasury Bond interest income Excess charitable contributions Penalty for late payment of federal taxes Book depreciation in excess of tax depreciation Installment sale proceeds (a) Unappropriated retained earnings-1/1/20 Dividends paid in 2020 $700,000 187,000 60,000 (9,000) 12,000 8,000 5,000 4,000 20,000 900,000 96,000 (a) The installment sale proceeds were from a sale in 2019: Sales price $100,000-Adjusted basis $75,000= Gross profit $25,000. C Corp. will receive five year annual payments of $20,000. 1. Based on the above information, complete US Form 1120 Schedules M-1 and M-2, using a worksheet or IRS forms. 2. Briefly indicate the major differences between Form 1120 Schedules M-1 and M-3.
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Answer rating: 100% (QA)
1 US Form 1120 Schedules M1 and M2 Schedule M1 The purpose of Schedule M1 is to reconcile the net income reported on the corporations books to the tax... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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