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446Form1120 - ($20,000 139,000(20,000 Provision for Federal...

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Form 1120 Page 1 TAX TRIAL BALANCE Elixir Seecorp Schedule M -1 Gross receipts $1,000,000 Book Inc $104,000 Cost of goods sold (250,000) + F.I.T. Dividend income 50,000 + Cap. Losses Interest income 20,000 +Excess Charitable Contribution Capital loss (35,000) - Exempt Int. Inc. $785,000 $0 $0 Tax Return Income Before Special Deductions $104,000 Compensation of officers (300,000) Salaries & wages (120,000) Rents (60,000) Property taxes (10,000) Depreciation (100,000) Utilities (24,000) State income tax (12,000) ($626,000) $0 $0 159,000 0 Charitable contributions (20,000)
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Unformatted text preview: ($20,000) 139,000 (20,000) Provision for Federal Income Taxes (35,000) Net Income 104,000 0 (20,000) 0 0 Federal Taxable Income $104,000 $0 ($20,000) Federal Income Tax Expense Inc. Bracket Rate Tax 15% $0 25% $0 34% $0 39% $0 Total Tax Due $0 $0 31 Estimated Taxes Paid 32b Refund Due $0 35 Income per Books Sch. M Adjustments Income per Return Income before Charitable Contributions, Taxes, & Special Deductions Income before Income Taxes & Special Deductions Special Deduction- Dividends Received...
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