Question
Calounda Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest and a $2,000 non-deductible fine. Also included in
Calounda Corporation has book income of $40,000. Included in the book income is $3,000 of tax-exempt interest and a $2,000 non-deductible fine. Also included in book income are $10,000 of dividends Calounda received from a 30% owned corporation. Using this information and Form1120, provide the amounts that go on each line of the form.
Form 1120, Schedule M-1. Line 1 $
Form 1120, Schedule M-1, Line 10 $
Form 1120, Page 1, Line 28 $
Form 1120, Schedule C, Line 2(a) $ and Line 2(c)
Form 1120, Schedule C, Line 20 $
Form 1120, Page 1, Line 29b $
Form 1120, Page 1, Line 30 $
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