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Beta Corporation has book income of $90,000. The following amounts are included in book income - $5,000 of tax-exempt interest income $20,000 of federal income
Beta Corporation has book income of $90,000. The following amounts are included in book income - $5,000 of tax-exempt interest income $20,000 of federal income tax expense $4,000 of political contributions to a state senator's re-election campaign $10,000 of dividends from a 20 percent-owned corporation Additionally, Beta Corporation has a $100,000 net operating loss carryforward from 2019. Using this information provide the amounts that go on each of the following lines on a 2020 Form 1120. 1. Page 6, Sch M-1, line 1 2. Page 6, Sch M-1, line 10 3. Page 2, Sch C, Line 2(a) 4. Page 2, Sch C, Line 2(c) 5. Page 1, Line 29a 6. Page 1, Line 29b 7. Page 1, Line 30 8. Page 1, Line 31 Beta Corporation has book income of $90,000. The following amounts are included in book income - $5,000 of tax-exempt interest income $20,000 of federal income tax expense $4,000 of political contributions to a state senator's re-election campaign $10,000 of dividends from a 20 percent-owned corporation Additionally, Beta Corporation has a $100,000 net operating loss carryforward from 2019. Using this information provide the amounts that go on each of the following lines on a 2020 Form 1120. 1. Page 6, Sch M-1, line 1 2. Page 6, Sch M-1, line 10 3. Page 2, Sch C, Line 2(a) 4. Page 2, Sch C, Line 2(c) 5. Page 1, Line 29a 6. Page 1, Line 29b 7. Page 1, Line 30 8. Page 1, Line 31
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