Question: Using the categories in the following legend, classify each transaction as a plus (+) or minus (?) on Schedule M2 of Form 1120S. An answer

Using the categories in the following legend, classify each transaction as a plus (+) or minus (?) on Schedule M2 of Form 1120S. An answer might look like one of these: +AAA or -OAA.

Legend

AAA = Accumulated adjustments account

OAA = Other adjustments account

NA = No direct effect on Schedule M2

a. Receipt of tax-exempt interest income.

b. Unreasonable compensation determined.

c. Depreciation recapture income.

d. Nontaxable life insurance proceeds.

e. Expenses related to tax-exempt securities.

f. Charitable contributions.

g. Business gifts in excess of $25.

h. Nondeductible fines and penalties.

i. Administrative expenses.

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