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Calculate Federal Taxable Income

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Question - Use the following facts XYZ Corp Schedule M-1Tax year 2020. XYZ declared and paid a $40,000 cash dividend in June, 2020, and declared a $30,000 dividend in December 2020, payable in January year 2021. What is the proper adjustment to Sch. M-1 to calculate Federal Taxable Income (Book to Tax Adjustment)?

a. Subtract $40,000

b. Subtract $70,000

c. Add $40,000

d. No adjustment

Reference no: EM132697051

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