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

question 94

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

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Definitions:

Good Manners

The polite behaviors and actions that are considered appropriate and respectful in social interactions.

Cooperation

The action or process of working together to the same end or achieving a common goal.

Multiple Requests

Several calls to action or appeals made simultaneously or consecutively, often requiring prioritization.

Responding Requests

The process of reply to inquiries or demands made by others, often in a timely and appropriate manner.