Reference no: EM131263419
Prepare a Schedule M-1 reconciling net income per books to taxable income for the year ended December 31, 2015.
Facts:
After-tax net income per books equaled $66,800 for the year ended December 31, 2015
The company reported $17,500 in Federal income tax expense and $5,800 in State of Michigan corporate income tax expense for the year ended December 31, 2015
Included in net income per books for the year ended December 31, 2015 is $1000 of tax-exempt interest income earned on and investment in municipal bonds.
The company uses straight line depreciation in computing net income per books, accordingly the company claimed $8000 in depreciation expense for the year ended December 31, 2015, depreciation expense recomputed under MACRS is $19,250 for the same period
The company maintains a life insurance policy on an officer of the corporation where the company is the beneficiary. The insurance premium paid and expensed for the year ended December 31, 2015 equaled $2000
During 2015, the company made charitable contributions totaling $25,000 and deducted these in computing net income per books.
Net short term capital loss for the year ended December 31, 2015 equaled $200
Non-deductible portion of meals and entertainment was $750 for the year ended December 31, 2015
The company paid dividends of $10,000 to shareholders during 2015 2015
Qualified production activities income was $85,000; assume no W-2 wages limitation on the DPAD
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