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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 2 years ago
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