Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest,

Question:

Caloundra Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest, $7,000 of book income tax expense, and a $2,000 nondeductible fine. Also included in book income are $10,000 of dividends Caloundra received from a 30% owned corporation. Using this information and Form 1120, provide the amounts that go on each line on the form. 

a. Form 1120, Schedule M-1 Line 1 $ ___________ 

b. Form 1120, Schedule M-1, Line 10 $ ___________ 

c. Form 1120, Page 1, Line 28 $ ___________ 

d. Form 1120, Schedule C, Line 2(a) $___________ and 2(c) $___________ 

e. Form 1120, Schedule C, Line 24 $ ___________ 

f. Form 1120, Page 1, Line 29b $ ___________ 

g. Form 1120, Page 1, Line 30 $___________

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Income Tax Fundamentals 2019

ISBN: 9781337703062

37th Edition

Authors: Gerald E. Whittenburg, Steven Gill

Question Posted: