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XYZ Corporation reports the following data for the year 20xx: 110,000 Net Income per books 21,000 Federal Income Tax Liability 5,000 Officer's life insurance premiums
XYZ Corporation reports the following data for the year 20xx: 110,000 Net Income per books 21,000 Federal Income Tax Liability 5,000 Officer's life insurance premiums 6,000 Net Capital Loss 10,000 Nondeductible charitable contribution Excess MACRS depreciation (over book) 36,000 16,000 Municipal Bond Interest Reconcile Book income to taxable income for XYZ Corporation on Schedule M-1. per Books with Income per Return Reconciliation of Income Note: The corporation may be required to file Schedule M-3. See instructions Schedule M-1 7 Income recorded on books this year not included on this retum (itemize): Tax-axempt interest 1 Net income oss) per books.... 2 Federal income tax per books .. .. . 3 Excess of capital losses over capital gains 4 Income subject to tax not recorded on books this year (temlze): 8 Deductions on this roturn not charged against book income this year (itemize): a Depreciation . . * 5 Expenses recorded on books this year not deducted on this retum (itemize): b Charitable contributions . $ Travel and entertainment. c 9 Add lines 7 and8 .. . 6 lass ine 9 10 Income (page 1, line 6 Add lines 1 ings per Books (Line 25, Schedule 5 Distributions: aCash.- Analysis of Un eta Schedule M-2 1 Balance at beginning of year..- . . 2 Net income (oss) per books .. . 3 Other increases (itemize): b Stock.- c Property. 6 Other decreases (itemize. 7 Add lines 5 and 6 . .. . - Balance at end of year (ine 4 less Ene 7) 8 4 Add lines 1, 2, and 3 Form 1120 (2018)
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