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...