Business, 28.02.2021 16:40 tzartiger12

Prepare an M-1 reconciliation for MDC Corporation (for tax year 2018) using the following data: Net income per books (after tax)

500,000

Federal income tax per books

150,000

Excess of capital losses over capital gains

100,000

Dividend income (MDC owns 1% of the paying corporation)

150,000

Marketing expense

80,000

Entertainment expense (total amount)

68,000

Tax-exempt interest income (private activity bond)

9,000

Book (GAAP) depreciation in excess of tax (MACRS) deprecation

150,000

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Prepare an M-1 reconciliation for MDC Corporation (for tax year 2018) using the following data: Net...