08/31/2022 Diff Betwen Book & Tax Income Flashcards
1
Q
Schedule M-1 is required when:
A
Total assets are more than $250,000 but less than $10 million on the last day of the tax year
2
Q
Schedule M-3 is required when:
A
A corporation with total assets of $10 million or more on the last day of the tax year
3
Q
Schedule L is for
A
report balance sheet according to the books of the corporation
4
Q
charitable contribution max
A
10% Taxable Income. (Temporary 25% if cash on 2021)
5
Q
loss on the securities are tax deductible?
A
NO. They reduce the income per books
