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ces Mailings Review View Immersive Reader Tell me 21 AaBbCcDdte AaBbcode AaBbCcDc AaBbCode Aa Normal Heading 1 No Spacing A Heading 2 M1 due 0618 3.5 points max, 3 points for good work that meets expectations This assignment builds on Book Income 2 and the multiple-choice question below. Please see instructions on page 2. [17] For the current year, accrual-basis Corp. A's books and records reflected the following: Net income per books $104,000 Accrued federal income tax 35,000 Net capital loss 4,000 Tax-exempt interest 5,000 Book depreciation in excess of allowable tax depreciation 2,000 Based on the above facts, what is the amount of A's taxable income? A. $69,000 B. $70,000 C. $140,000 D. $150,000 The correct answer is C. A. Federal income tax is added to, not subtracted from, book net income. Also, the nel capital loss and excess book depreciation must be added back, and tax-exempt interest income must be subtracted B. Federal income taxes are not subtracted, they are added back to book net income C. Federal income tax excess capital losses, and book depreciation in excess of tax rences Mailings Review View Immersive Reader Tell me BACDE . Av Normal No Spacing Heading 2 E AT AaBbc de AaBbCcDc ABCDE AC EE Heading 1 A. Federal income tax is added to, not subtracted from, book net income. Also, the net capital loss and excess book depreciation must be added back, and tax-exempt interest income mus be subtracted. B. Federal income taxes are not subtracted; they are added back to book net income. C. Federal income tax, excess capital losses, and book depreciation in excess of tax depreciation are not deductible. These amounts must be added back to book income. Tax- exempt interest is not taxable and must be subtracted from book income. These adjustments a done on Schedule M-1 of the corporation tax retum. Net income per books $104,000 Add back: Federal income tax 35,000 Net capital loss 4,000 Excess book depreciation 2,000 $145,000 Subtract: Tax-exempt interest (5,000) Taxable income $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net income. The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=$9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Taxable income Divo) $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net incon The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=s9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Assume no payments have been made yet, and the tax rate is 21 percent. Ignore Schedule J. Attach Form 1120 including Schedule M-1 to your submission. 4. Comment on what you have learned. To get max credit, you must make an observation that teaches me something and is a pleasure to read. This assignment builds on Book Income 2 and the multiple-choice question below. Please see instructions on page 2. [17] For the current year, accrual-basis Corp. A's books and records reflected the following: Net income per books $104,000 Accrued federal income tax 35,000 Net capital loss 4,000 Tax-exempt interest 5,000 Book depreciation in excess of allowable tax depreciation 2,000 Based on the above facts, what is the amount of A's taxable income? A. $69,000 B. $70,000 C. $140,000 D. $150,000 The correct answer is C. A. Federal income tax is added to, not subtracted from, book net income. Also, the net capital loss and excess book depreciation must be added back, and tax-exempt interest income must be subtracted B. Federal income taxes are not subtracted; they are added back to book net income. C. Federal income tax, excess capital losses, and book depreciation in excess of tax Focus Federal income tax 35,000 Net capital loss 4,000 Excess book depreciation 2,000 $145,000 Subtract: Tax-exempt interest (5,000) Taxable income $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net income. The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=s9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Assume no payments have been made yet, and the tax rate is 21 percent. Ignore Schedule J. Attach Form 1120 including Schedule M-1 to your submission. 4. Comment on what you have learned. To get max credit, you must make an observation that teaches me something and is a pleasure to read. ces Mailings Review View Immersive Reader Tell me 21 AaBbCcDdte AaBbcode AaBbCcDc AaBbCode Aa Normal Heading 1 No Spacing A Heading 2 M1 due 0618 3.5 points max, 3 points for good work that meets expectations This assignment builds on Book Income 2 and the multiple-choice question below. Please see instructions on page 2. [17] For the current year, accrual-basis Corp. A's books and records reflected the following: Net income per books $104,000 Accrued federal income tax 35,000 Net capital loss 4,000 Tax-exempt interest 5,000 Book depreciation in excess of allowable tax depreciation 2,000 Based on the above facts, what is the amount of A's taxable income? A. $69,000 B. $70,000 C. $140,000 D. $150,000 The correct answer is C. A. Federal income tax is added to, not subtracted from, book net income. Also, the nel capital loss and excess book depreciation must be added back, and tax-exempt interest income must be subtracted B. Federal income taxes are not subtracted, they are added back to book net income C. Federal income tax excess capital losses, and book depreciation in excess of tax rences Mailings Review View Immersive Reader Tell me BACDE . Av Normal No Spacing Heading 2 E AT AaBbc de AaBbCcDc ABCDE AC EE Heading 1 A. Federal income tax is added to, not subtracted from, book net income. Also, the net capital loss and excess book depreciation must be added back, and tax-exempt interest income mus be subtracted. B. Federal income taxes are not subtracted; they are added back to book net income. C. Federal income tax, excess capital losses, and book depreciation in excess of tax depreciation are not deductible. These amounts must be added back to book income. Tax- exempt interest is not taxable and must be subtracted from book income. These adjustments a done on Schedule M-1 of the corporation tax retum. Net income per books $104,000 Add back: Federal income tax 35,000 Net capital loss 4,000 Excess book depreciation 2,000 $145,000 Subtract: Tax-exempt interest (5,000) Taxable income $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net income. The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=$9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Taxable income Divo) $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net incon The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=s9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Assume no payments have been made yet, and the tax rate is 21 percent. Ignore Schedule J. Attach Form 1120 including Schedule M-1 to your submission. 4. Comment on what you have learned. To get max credit, you must make an observation that teaches me something and is a pleasure to read. This assignment builds on Book Income 2 and the multiple-choice question below. Please see instructions on page 2. [17] For the current year, accrual-basis Corp. A's books and records reflected the following: Net income per books $104,000 Accrued federal income tax 35,000 Net capital loss 4,000 Tax-exempt interest 5,000 Book depreciation in excess of allowable tax depreciation 2,000 Based on the above facts, what is the amount of A's taxable income? A. $69,000 B. $70,000 C. $140,000 D. $150,000 The correct answer is C. A. Federal income tax is added to, not subtracted from, book net income. Also, the net capital loss and excess book depreciation must be added back, and tax-exempt interest income must be subtracted B. Federal income taxes are not subtracted; they are added back to book net income. C. Federal income tax, excess capital losses, and book depreciation in excess of tax Focus Federal income tax 35,000 Net capital loss 4,000 Excess book depreciation 2,000 $145,000 Subtract: Tax-exempt interest (5,000) Taxable income $140,000 D. The tax-exempt interest is not added back; it is subtracted from book net income. The corporate tax return is known as Form 1120, the equivalent of individual Form 1040. One of the most important schedules in Form 1120 is Schedule M-1, where the corporation indicates why taxable income differs from net income per books. 1. Please Google 2019 Form 1120 2. Complete Schedule M-1 on the last page. It should be self-explanatory, but if you need additional explanation Farhat is a good source: https://www.youtube.com/watch?v=s9EE3aAneQg 3. Complete Form 1120 page 1. Enter the company's name and lines 30-35. Assume no payments have been made yet, and the tax rate is 21 percent. Ignore Schedule J. Attach Form 1120 including Schedule M-1 to your submission. 4. Comment on what you have learned. To get max credit, you must make an observation that teaches me something and is a pleasure to read