Use the Lesson 8 Template to complete both parts of the case study.
Be sure to answer all questions.
Use the information below to complete the template:
Complete the items below that would appear on a book/tax reconciliation for Schedule M-1 on the IRS Form 1120, U.S. Corporation Income Tax Return, for Joseph’s first year of operations in the provided template.
Based on the data provided, enter the appropriate values in the associated cells in the Excel Spreadsheet.
Please enter additions as positive whole numbers and subtractions as negative whole numbers.
If an amount is zero, enter a zero.
Note: The deduction for organizational expenses in the year was $5,750.
Lynwood Inc. is a calendar year, accrual-basis C corporation.
For each independent situation shown in the spreadsheet, calculate the corporation’s taxable income (loss) for its Form 1120, U.S. Corporation Income Tax Return.
Column A lists preliminary taxable income excluding additional tax return items shown in Column B. Enter the taxable income (loss) in the associated cells in column C on your Excel spreadsheet.
If applicable, show your calculations in the cell next to column C.
Be sure to complete both parts of your case study before uploading your Excel file to the link below.