Complete schedule m-one for timpanogos

Assignment Help Taxation

Reference no: EM133608020

Problem

Timpanogos Incorporated is an accrual-method, calendar-year corporation. For 2022, it reported financial statement income after taxes of $1,545,250. Timpanogos provided the following information relating to its 2022 activities:

Life insurance proceeds as a result of CEO's death	$ 230,000
Revenue from sales (for both book and tax purposes)	2,300,000
Premiums paid on the key-person life insurance policies. The policies have no cash surrender value.	24,000
Charitable contributions	207,000
Cost of goods sold for book and tax purposes	345,000
Interest income on tax-exempt bonds	46,000
Interest paid on loan obtained to purchase tax-exempt bonds	51,750
Rental income payments received and earned in 2022	18,000
Rental income payments received in 2021 but earned in 2022	11,500
Rental income payments received in 2022 but not earned by year-end	34,500
Tax depreciation	62,500
Book Depreciation	28,000
Net capital loss	48,000
Federal income tax expense for books in 2022	356,500

Task

Question A. Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the adjustments necessary to arrive at taxable income.

Question B. Identify each book-tax difference as either permanent (P) or temporary (T).

Question C. Complete Schedule M-1 for Timpanogos.

Question D. Compute Timpanogos Incorporated's tax liability.

Reference no: EM133608020

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