Business, 12.03.2021 15:50, marklynr9955

The following information for 2019 relates to Sparrow Corporation, a calendar year, accrual method taxpayer: Net income per books (after-tax) $205,050
Federal income tax expense per books 55,650
Tax-exempt interest income 4,500
MACRS depreciation in excess of straight-line
depreciation used for financial statement purposes 7,200
Excess of capital losses over capital gains 9,400
Nondeductible meals and entertainment 5,500
Interest on loan to purchase tax-exempt bonds 1,100
a. Regarding items that would be added back on the M–1 schedule, label either "Yes" (it would be added back to net income per books) or "No" (it would not be).
• Federal income tax expense per books
• Excess of capital loss over capital gains
• Tax-exempt interest income
• Excess of MACRS over book depreciation
• Interest on loan to purchase tax-exempt bonds
• Nondeductible meals and entertainment
b. Sparrow's taxable income for 2019 is $.
c. Prepare Schedule M–1 for 2019.
Enter all amounts as positive numbers. If an amount is zero, enter "0".
Schedule M-1 Reconciliation of Income (Loss) per Books With Income per Return
1 Net income (loss) 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 (itemize):_ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
5 Expenses recorded on books this year not deducted on this return (itemize):
a Depreciation . . . . . . . . . . . $
b Charitable contributions . . . $ _ _ _ _ _ _ _
c Travel and entertainment . . $
6 Add lines 1 through 5 . . . . . . . . . . . . . . . . . .
7 Income recorded on books this year not included on this return (itemize):
Tax-exempt interest $
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
8 Deductions on this return not charged against book income this year (itemize):
a Depreciation . . . . . . . . . . . $
b Charitable contributions . . . . $ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
9 Add lines 7 and 8 . . . . . . . . . . . . . . . . . . . . .
10 Income (page 1, line 28)—line 6 less line 9 . .

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 03:00, brodybb5515

Sonic corp. manufactures ski and snowboarding equipment. it has estimated that this year there will be substantial growth in its sales during the winter months. it approaches the bank for credit. what is the purpose of such credit known as? a. expansion b. inventory building c. debt management d. emergency maintenance

Answers: 1

continue

Business, 22.06.2019 09:40, izzynikkie

Microsoft's stock price peaked at 6118% of its ipo price more than 13 years after the ipo suppose that $10,000 invested in microsoft at its ipo price had been worth $600,000 (6000% of the ipo price) after exactly 13 years. what interest rate, compounded annually, does this represent? (round your answer to two decimal places.)

Answers: 1

continue

Business, 22.06.2019 11:00, sbelgirl2000

Consider an economy where government expenditures are 10 and total tax revenues are 10. the supply of labor is fixed at 125 and the supply of capital is fixed at 8. the economy is described by the following equations. y k to the power of 1 divided by 3 end exponent l to the power of 2 divided by 3 end exponent c 2.5 + 0.75 ( y - t ) i 10 - 0.5 r the level of private savings is

Answers: 1

continue

Business, 22.06.2019 11:10, AM28

Your team has identified the risks on the project and determined their risk score. the team is in the midst of determining what strategies to put in place should the risks occur. after some discussion, the team members have determined that the risk of losing their network administrator is a risk they'll just deal with if and when it occurs. although they think it's a possibility and the impact would be significant, they've decided to simply deal with it after the fact. which of the following is true regarding this question? a. this is a positive response strategy. b. this is a negative response strategy. c. this is a response strategy for either positive or negative risk known as contingency planning. d. this is a response strategy for either positive or negative risks known as passive acceptance.

Answers: 2

continue

Do you know the correct answer?

The following information for 2019 relates to Sparrow Corporation, a calendar year, accrual method t...