Schedule M 1 Form 1120

[@salahmaleknakhla3026]

Thank you prof.

[@AccountingLectures]

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[@rowenalobo3598]

Good one.

[@AccountingLectures]

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[@backseateats9513]

I am confused. So is a tax return for an entity basically a cash basis ? Accrual books to tax cash -?

[@eishuagarwal9239]

But capital losses can be adjusted up to $3000 with net income. Right?

[@popopopo5339]

$3000 is for individuals, not for corporations. Corporations are not allowed to deduct this $3000

[@DB-hf7di]

I see that prepaid income is a temporary difference with the payment included in taxable income but not GAAP income. Does it work vice versa for accrued GAAP income at year end which isn’t paid yet? Would this need to be removed taxable income? Finally, how does the AFS inclusion rule apply?

[@lycherasbry]

No. For accrual basis, income earned but not yet received is still taxable. Unless there is an installment-sales method

[@sakshisood7739]

please explain for 1065 also

[@28balaji]

thank u

[@AccountingLectures]

Thank you and please visit the website for more farhatlectures.com/

[@user-pl4ky4fk5f]

I wonder why GAAP is not in line with the IRS when it comes to income reporting , deductions ect. This would negate all of this I think unnecessary accounting. Really enjoy your videos though. As an accounting student its helping me out tremendously.

[@headlibrarian1996]

Sure, but the government wants you to fill out this junk form even if you keep books in tax form rather than GAAP. Really burns non-public corporations who generally don’t bother with GAAP.

[@minismom09]

Very useful

[@AccountingLectures]

Most welcome. Please check my website for more. Start your free trial : farhatlectures.com/

[@Killz0naa]

In other words... Just payout the damn dividend! 😂😂

[@AccountingLectures]

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