Show:
Overview
Common book-tax differences
Temporary/Permanent Differences
Reporting of book-tax differences
Potpourri
100
An item that is treated differently for book and tax purposes.
What is a book-tax difference?
100
Business expenses that are only allowed a 50 percent tax deduction.
What are meals and entertainment expenses?
100
Arises when an item of income or expense is recognised for tax purposes but not accounting purposes and the difference will reverse in the future.
What is a temporary difference?
100
This schedule lists out the book-tax differences on the 1120.
What is M-1/M-3?
100
This is 1325 and 1330.
What is the room number where we are learning?
200
A difference that increases one's tax liability.
What is an unfavorable difference?
200
The two types of book-tax differences.
What are permanent and temporary differences?
200
An item of revenue or expense that is in book (or taxable) income of a period, but never part of taxable (or book) income in a future period.
What is a permanent difference?
200
This amount is the total asset threshold that requires corporations to file an M-3.
What is $10 million?
200
This is where we ate dinner on Wednesday.
What is Les Halles?
300
A difference that causes expenses to be higher for tax purposes than for book purposes.
What is a favorable difference?
300
A drug dealer is not allowed to deduct these costs.
What are all costs related to illegal activities?
300
Depreciation, Sale of Assets, Bad Debt Expense
What are temporary differences?
300
Line 1 of Schedule M-1 starts with this amount.
What is net income?
300
This is who Mike should have married.
Who is Chris, the Director?
400
Another name for a temporary difference.
What is a timing difference?
400
The tax impact of UNICAP inventory costs results in this temporary difference.
What is an unfavorable difference?
400
Club Dues, Life Insurance Premiums, DRD
What are permanent differences?
400
Taxable income per M-1 line 10 reconciles with this line on page 1 of Form 1120.
What is line 28?
400
According to Chris, this man is a Communist.
Who is Barack Hussein Obama?
500
Bonus depreciation and Research and Development
What are potential areas for Carr Inc. to have favorable book-tax differences?
500
10 percent of this amount is allowable as a charitable contribution deduction.
What is taxable income?
500
Goodwill amortization.
What is a temporary difference?
500
This form is the supplemental attachment to M-3 that gives more detail on COGS and interest.
What is Form 8916A?
500
These are the five boroughs.
What are Queens, Brooklyn, Manhattan, Bronx, and Staten Island?