Schedule M-1 Book/Tax Differences Bizzer Professional Training


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3. Taxable Income Not Recorded on Books
This category generally includes income items that are accelerated for tax purposes due to the use of different conventions between book and tax or that results from a specific statutory law. Examples of taxable income not recorded on the books include:

  1. Gain recognized in subsequent years on an installment sale.
  2. Tax gain on the disposal of assets in excess of the book gain. (This would occur when different depreciation amounts are claimed for book and tax purposes.)
  3. Prepaid rent or interest collected.

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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