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What is the proper adjustment to Sch

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Question - Use the following facts for XYZ Corp Schedule M-1Tax year 2020. Ordinary gain on the sale of fully depreciated office equipment to a 60% shareholder. Gain reported on books $2,000; Gain reported for federal tax purposes $8,000. What is the proper adjustment to Sch. M-1 to calculate Federal Taxable Income (Book to Tax Adjustment)?

a. Add $6,000

b. Subtract $3,600

c. Add $3,600

d. Subtract $6,000

Reference no: EM132697042

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