You will need to look at the Most Common M-1s in this folder to figure out the rules on What is deductible for Tax and for Book (GAAP Financial Statements). You will then need to complete the attached M-1 schedule based on the information below. You should not need to add lines into the schedule. I have the formulas set up as well. You just need to figure out what goes on the lines and the amounts. This assignment is due Monday February 4th 8:00 a.m. You will turn it in via Blackboard. The following information for 20XX relates to Purple Corp, a calendar year, accrual method taxpayer. Net Income per books (after-tax) Federal income tax per books Tax-exempt interest income Life insurance proceeds received as a result of death of corporate president Excess of capital loss over capital gains Premiums paid on life insurance policy on life of Brown's president Depreciation (amount deducted on GAAP financial statements) Depreciation (amount calculated for tax purposes under MACRS) $175,000 42,250 10,250 102,000 6,000 7,800 126,500 139,500