Income That Is Included in Net Income Per Books but Not

question 108

True/False

Income that is included in net income per books but not included in taxable income is a subtraction item on Schedule
M-1.

---

Definitions:

Property Rights

Legal rights related to the ownership, use, and disposal of property.

Death

The cessation of all biological functions that sustain a living organism.

Partnership Agreement

A contract between partners in a partnership which outlines the terms and conditions of the relationship in detail.

Partners

Individuals or entities that engage in business or ventures together with shared risks and profits.