Schedule M-1 of Form 1120 Is Used to Reconcile Financial

question 24

Multiple Choice

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)Premiums paid on key employee life insurance.
• B)Proceeds of life insurance paid on death of key employee.
• C)Charitable contributions carryover from previous year.
• D)Tax-exempt interest.
• E)None of the above.

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