Please See the instructions/question in the attached file.REVIEW PROJECT – CORPORATE – M-1+TI
Your assignment is to complete the corporate M-1 for each of the problems below. This project is due per the Syllabus. You should show your work by completing the Form 1120 M-1 for each problem. FOR ELECTRONIC SUBMISSIONS IN ONLINE CLASSES, PLEASE MAKE EVERY EFFORT TO SUBMIT, IF POSSIBLE, EITHER A SINGLE PDF OR A SINGLE WORD DOCUMENT OF THE ENTIRE TAX RETURN FORM. THANK YOU.
The Project is worth 50 points

Check figures for M-1

Line 1: Jonathan Corp.: 386,250; Garrett Corp.: 174,100

Line 10: Jonathan Corp.: 122,000; Garrett Corp.: 265,000

Based in part on problems from leading textbooks

Jonathan Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2019.

Net income per books (after-tax)

Federal income tax per books

Tax-exempt interest income

Life insurance proceeds received as a

result of death of corporate president

Nondeductible penalties

Interest on loan to purchase tax-exempt bonds

Excess of capital losses over capital gains

Premiums paid on life insurance policy on life of

Eagle’s president

Excess of tax depreciation over book depreciation

The following information for 2019 relates to Garrett Corporation, a calendar year, accrual method taxpayer.

Net income per books (after-tax)

Federal income tax per books

Tax-exempt interest income

MACRS depreciation in excess of straight-line

depreciation used for financial accounting


Excess of capital loss over capital gains

Non-deductible meals and entertainment

Interest on loan to purchase tax-exempt bonds

Based on the above information, use M-1 of Form 1120, which is available on the IRS website, to determine Garrett Corporation’s taxable income for 2019.

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