Reconciliation of Book Income to Taxable Income Ramsey Corporation, a C corporation, reports the following results for the current year:
Net income per books 650,000
Federal income tax (book) 221,000
Tax-exempt interest income 5,000
MACRS/Tax depreciation 140,000
Book depreciation 120,000
Capital loss 12,000
Insurance premiums on life of corporate officer (Ramsey is the beneficiary of the policy) 25,000
Charitable contributions 98,000
Cash dividends paid 20,000
Dividends received from a small equity investment, own less than 10% of entity 3,000
Required:
Prepare a Schedule M-1 in Excel reconciling Ramsey's book income to its taxable income.
Answers: 3
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Reconciliation of Book Income to Taxable Income Ramsey Corporation, a C corporation, reports the fol...
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