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upstatecpa
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| Posted: 10 Jan 2010 at 19:33 | IP Logged
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Solutions to the M-1 Reconciliation corporation question. Should the $7,000 of dividends received reduction be on the rights side of the M-1 and reduce income additionally from book to tax income?
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SDJack
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| Posted: 10 Jan 2010 at 21:38 | IP Logged
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The M-1 shows taxable income before both the DRD and NOL Carry forward deductions. The DRD and NOL are deducted on page 1 of the 1120, not the M-1.
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upstatecpa
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| Posted: 10 Jan 2010 at 22:21 | IP Logged
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SDJack wrote:
| The M-1 shows taxable income before both the DRD and NOL Carry forward deductions. The DRD and NOL are deducted on page 1 of the 1120, not the M-1.
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Thanks for your help!
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Topic: Page 636 - Wiley 2010
Topic Closed)
