Please ignore what I have already filled on this M-1, it is from an old problem. 
Black Corporation began business operations on December 1,2006. The year end for their tax reporting purposes is December 31. Relevant information for completion of Black's 2016 tax retum is as follows: Revenues Gross Receipts Less: Returns and allowances Net Sales Dividend Income; $150,000,000 $140,000,000 $12,000,000 $3,000,000 $14,000,000 $15,000,000 $16,000,000 $200,000,000 Yellow Company Insurance Proceeds--Key Employee Life Insurance Interest Income---- Interest IncomeCity of Tempe Bond Net Capital Gain Total Revenues Expenses: Salaries and wages-top five corporate officers Salaries and wages--all other employees Rent Expense Interest Expense Depreciation expense Fines Paid Repairs and Maintenance Net Capital Loss Total Expenses 2016 GAAP Pre-tax Income GAAP Tax Expense 2016 GAAP After-tax Net Income Yellow Company Bond S(4,000,000) (17,000,000) $(18,000,000) $(19,000,000) $(20,000,000) $(21,000,000) $(22,000,000) $(23,000,000) $56,000,000 $19600,000 $36,400,000 Required: Complete Schedule M-1 Black Corp owns 8.7% of outstanding Yellow Company stock Paul Effy, Black Corp's former CEO, died on Jauary 7.2016. Black Corp. had purchased life insurance on Nr. Effy in the amount of $3,000,000. The company was also designated as the sole beneficiary. The inurance proceeds were received in November, 2016. In addition, Black Corp. had a $1,000,000 capital loss carryforward and a $1,000 charitable contribution carryforward from the previous year Black Corporation began business operations on December 1,2006. The year end for their tax reporting purposes is December 31. Relevant information for completion of Black's 2016 tax retum is as follows: Revenues Gross Receipts Less: Returns and allowances Net Sales Dividend Income; $150,000,000 $140,000,000 $12,000,000 $3,000,000 $14,000,000 $15,000,000 $16,000,000 $200,000,000 Yellow Company Insurance Proceeds--Key Employee Life Insurance Interest Income---- Interest IncomeCity of Tempe Bond Net Capital Gain Total Revenues Expenses: Salaries and wages-top five corporate officers Salaries and wages--all other employees Rent Expense Interest Expense Depreciation expense Fines Paid Repairs and Maintenance Net Capital Loss Total Expenses 2016 GAAP Pre-tax Income GAAP Tax Expense 2016 GAAP After-tax Net Income Yellow Company Bond S(4,000,000) (17,000,000) $(18,000,000) $(19,000,000) $(20,000,000) $(21,000,000) $(22,000,000) $(23,000,000) $56,000,000 $19600,000 $36,400,000 Required: Complete Schedule M-1 Black Corp owns 8.7% of outstanding Yellow Company stock Paul Effy, Black Corp's former CEO, died on Jauary 7.2016. Black Corp. had purchased life insurance on Nr. Effy in the amount of $3,000,000. The company was also designated as the sole beneficiary. The inurance proceeds were received in November, 2016. In addition, Black Corp. had a $1,000,000 capital loss carryforward and a $1,000 charitable contribution carryforward from the previous year
