Schedule M-1 Book/Tax Differences


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Please review the information below
Taxable Income Before Special Deductions
Note that line 10 of Schedule M-1 does not reconcile to actual Taxable income (line 30) on Page 1 of the tax return. Instead, the Schedule M-1 is reconciling to Taxable income before net operating loss deduction and special deductions (line 28). Thus, net operating losses and the dividends-received deduction are not necessary adjustments in the Schedule M-1 reconciliation.

 


 


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