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3.2.05. A schedule reconciling tax and book income. Tax Book M-1 Item Amount M-1 Item Description Panel A Determination of tax and book income Income
3.2.05. A schedule reconciling tax and book income. | ||||
Tax | Book | M-1 Item Amount | M-1 Item Description | |
Panel A Determination of tax and book income | ||||
Income | ||||
Less: Cash deductions | ||||
Plus: Guaranteed payment to Chuck | ||||
Less: Guaranteed payment for admission of Chuck | ||||
Less: Amortization expense | ||||
Less: Depreciation expense | ||||
Plus: Gains at formation | ||||
Plus: Gains on distribution of land | ||||
Total income/loss | - | - | - | |
Panel B Reconciliation of tax and book income (Schedule M-1) | ||||
Book Income (Loss) | ||||
Plus: Guaranteed payment | ||||
Plus: Nondeductible expenses | ||||
Plus: Depreciation difference | ||||
Plus: Pre-contribution gains at formation | ||||
Plus Pre-contribution gain on distribution of land | ||||
Less: Tax-exempt interest | ||||
Less: Book-up gain | ||||
Tax income | - | |||
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