Business, 26.03.2020 20:35 kihgff5711

Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's income tax return as follows: net income per books + additions – subtractions = taxable income. Which of the following items is an addition on Schedule M-1? a. Tax depreciation in excess of book depreciation. b. Excess of capital losses over capital gains. c. Tax-exempt interest. d. Proceeds of life insurance paid on death of key employee.

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Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on...

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