Schedule M-1 Book/Tax Differences Bizzer Professional Training


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1. Book Income Not Included on the Tax Return
Ordinarily, this category would include items that are tax exempt or items that are temporarily deferred for tax purposes. Some examples of book income that might not be included on a tax return are:

  1. Tax-exempt interest
  2. Life insurance proceeds
  3. Gain on an installment sale

Are Schedule M-1 adjustments for these types of items added to or subtracted from book income to arrive at taxable income?

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