Guard Inc., a calendar year C-Corporation, and accrual method taxpayer provide the following information to you...

Guard Inc., a calendar year C-Corporation, and accrual method taxpayer provide the following information to you and asks you to prepare a Schedule M-1. Complete the assignment using the actual Schedule M-1 form (for 1120 C-Corporation). Net Income per Book: $425,000

Tax Exempt Interest Income: $260

Federal Income Tax Paid: $10,000

Life Insurance Proceeds: $100,000 - (received upon death of key employee – the President)

Excess Charitable Contribution $3,000 (paid $20,000, was only able to deduct $17,000 on current year tax return)

MACRS Tax Depreciation $150,000 – depreciation taken on the tax return

Book Depreciation $20,000 – depreciation taken for book (financial statement)

Total Meals & Entertainment expense $5,000

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ekkarill92 answered 1 year ago

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