Assume Univex is a corporation operating in a state without a corporate income tax. Univex made estimated federal tax payments totaling $23,500. Reconcile Income (Loss) as per Books With Income per Return. Complete Schedule M-1, page 6, Form 1120. (Any Expenses (Line 5) and Deductions (Line 8) that are not included under Depreciation, Charitable Contributions, and Travel and Entertainment should be combined in the corresponding line item Other.)
Schedule Reconciliation of Income (Loss) per Books With Income per Return M-1 Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books 82,712 X 7 Income recorded on books this year not included on 2 Federal income tax per books 25,423 X this return (itemize): 3 Excess of capital losses over capital gains Tax-exempt interest 4 Income subject to tax not recorded on books this year (itemize) 5 Expenses recorded on books this year not deducted 8 Deductions on this return not charged against book this return (itemize): income this year (itemize): a Depreciation a Depreciation 10,440 b Charitable contributions 5,000 b Charitable contributions C Travel and entertainment 1,890 c Other (include all items) 10,440 d Other (itemize): 3,000 X 9,890 9 Add lines 7 and 8 10,440 6 Add lines 1 through 5 118,025 10 Income (page 1, line 28) - line 6 less line 9 107,585 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2019 McGraw-Hill Education. on Schedule Reconciliation of Income (Loss) per Books With Income per Return M-1 Note: The corporation may be required to file Schedule M-3. See instructions. 1 Net income (loss) per books 82,712 X 7 Income recorded on books this year not included on 2 Federal income tax per books 25,423 X this return (itemize): 3 Excess of capital losses over capital gains Tax-exempt interest 4 Income subject to tax not recorded on books this year (itemize) 5 Expenses recorded on books this year not deducted 8 Deductions on this return not charged against book this return (itemize): income this year (itemize): a Depreciation a Depreciation 10,440 b Charitable contributions 5,000 b Charitable contributions C Travel and entertainment 1,890 c Other (include all items) 10,440 d Other (itemize): 3,000 X 9,890 9 Add lines 7 and 8 10,440 6 Add lines 1 through 5 118,025 10 Income (page 1, line 28) - line 6 less line 9 107,585 THIS FORM IS A SIMULATION OF AN OFFICIAL U.S. TAX FORM. IT IS NOT THE OFFICIAL FORM ITSELF. DO NOT USE THIS FORM FOR TAX FILINGS OR FOR ANY PURPOSE OTHER THAN EDUCATIONAL. 2019 McGraw-Hill Education. on
