Question
Which of the following will not result in a deferred gain for ax purposes? A) Casualty B) Condemnation C) Like-kind exchange D) Sale of asset
Which of the following will not result in a deferred gain for ax purposes?
A) Casualty
B) Condemnation
C) Like-kind exchange
D) Sale of asset for cash
M Corp., on January 1 of this year received, $2,400 from a customer to repair and maintain office copies under a three-year service contract. In determining book income, $800 was recognized this year. For tax purposes the entire $2,400 amount was included in taxable income (an election was not made under IRS Section 451(c)). Mattson had net income per books of $300,000 for the year before provision for federal income taxes. Whis is Ms taxable income for the year on Schedule M-1 (Form 1120)?
A) $298,400
B) $300,800
C) $301,600
D) $302,400
L Corp., made several elimination entries related to non-includable U.S> entities while preparing its consolidated financial statements. These elimination entries included the $50,000 minority interests share of the subsidiarys net income, $75,000 intercompany dividends received, and offsetting $80,000 intercompany interest income/expense that nets to zero. What is the dollar amount that L should enter as an adjustment to eliminations on Part I, Line 8, of Schedule M-3?
A) $-75,000
B) $75,000
C) $-125,000
D) $125,000
O Corporations books disclosed the following data for the calendar year: Retained Earnings at the beginning of the year = $50,000 Net income for the year = $70,000 Contingency appropriation established at the end of the year = $10,000 Cash dividends declared and paid during the year = $8,000 What amount should appear on the last line of the reconciliation Schedule M-2 of Form 1120 (unappropriated retained earnings at year end)?
A) $102,000
B) $120,000
C) $128,000
D) $138,000
Schedule M-2 reflects decreases in retained earnings for dividends effective on the date of which of the following?
A) Declaration
B) Ex-Dividends
C) Payment
D) Record
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