Question
Book income and need adjustments to book income to arrive at taxable income. Using the following data to complete Schedule M-1: Net income per books
Book income and need adjustments to book income to arrive at taxable income. Using the following data to complete Schedule M-1:
- Net income per books (after-tax): $181,230
- Federal income tax expense per books: $88,300
- Tax-exempt interest income: $9,000
- MACRS depreciation in excess of straight-line depreciation: $14,400
- Excess of capital loss over capital gains: $7,200
- Nondeductible meals and entertainment: $6,450
- Interest on loan to purchase tax-exempt bonds: $1,100
2. Please explain the book-tax income analysis, including an explanation of general concepts surrounding the calculation and information on their specific book-tax differences.
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Get StartedRecommended Textbook for
Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
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