Tax Review Project - Accounting homework help
Please See the instructions/question in the attached file.REVIEW PROJECT – CORPORATE – M-1+TI (1) Your assignment is to complete the corporate M-1 for each of the problems below. This project is due per the Syllabus. You should show your work by completing the Form 1120 M-1 for each problem. FOR ELECTRONIC SUBMISSIONS IN ONLINE CLASSES, PLEASE MAKE EVERY EFFORT TO SUBMIT, IF POSSIBLE, EITHER A SINGLE PDF OR A SINGLE WORD DOCUMENT OF THE ENTIRE TAX RETURN FORM. THANK YOU. (2) The Project is worth 50 points (3) Check figures for M-1 Line 1: Jonathan Corp.: 386,250; Garrett Corp.: 174,100 Line 10: Jonathan Corp.: 122,000; Garrett Corp.: 265,000 Based in part on problems from leading textbooks Jonathan Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2019. Net income per books (after-tax) $386,250 Federal income tax per books 30,050 Tax-exempt interest income 5,000 Life insurance proceeds received as a result of death of corporate president 300,000 Nondeductible penalties 2,500 Interest on loan to purchase tax-exempt bonds 1,700 Excess of capital losses over capital gains 5,300 Premiums paid on life insurance policy on life of Eagle’s president 4,200 Excess of tax depreciation over book depreciation 3,000 The following information for 2019 relates to Garrett Corporation, a calendar year, accrual method taxpayer. Net income per books (after-tax) $174,100 Federal income tax per books 86,600 Tax-exempt interest income 4,500 MACRS depreciation in excess of straight-line depreciation used for financial accounting purposes 7,200 Excess of capital loss over capital gains 9,400 Non-deductible meals and entertainment 5,500 Interest on loan to purchase tax-exempt bonds 1,100 Based on the above information, use M-1 of Form 1120, which is available on the IRS website, to determine Garrett Corporation’s taxable income for 2019.
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