Schedule M-1: Reconciliation of income (Loss) per books with Income per Return. 1. Net Income (loss) per books: 450 182 Net Income per books: 2. Federal Income Tax per books: 240 550 Add: Actual federal inco 3. Excess of Capital losses over cap gains: 2 000...
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Schedule M-1: Reconciliation of income (Loss) per books with Income per Return. 1. Net Income (loss) per books: 450 182 Net Income per books: 2. Federal Income Tax per books: 240 550 Add: Actual federal inco 3. Excess of Capital losses over cap gains: 2 000 Over accrual of Federal 4. Income Subject to tax not recorded on books this year: Travel & Entertainment 5. Expenses recorded on books this year, not deducted on this return: Insurrance premium a. Depreciation: Bad Debt b. Charitable Contributions Rental c. Travel & Entertainment: 5 000 Tax underpaymant pen d. Life insurrance premium 10 000 e. bad Debt 4 000 Less: Excess depreciatio f.rental 6 000 Dividen g. tax underpayment penalty 3 268 Taxable income 28 268 6. Add lines 1-5: 721 000 7. Income recorded on books this year but not included on this return. a. Tax exempt interest: b. Other: Itemize 8. Deductions on this return not charged against book income this year. a. Depreciation: 10 000 b. Charitable Contributions: c. Other (Ite
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