# Refer to Problem 58. Determine the amount of taxable income and separately stated items in each…

Refer to Problem 58. Determine the amount of taxable income and separately stated items in each case, assuming the corporation is a Subchapter S corporation. Ignore any carry-forward items. Problem 58~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Go to the IRS Web site (www.irs.gov) and print page 5 of Form 1120. Complete Schedule M-1 for each of the following cases: a. Corporate financial statement: net income of \$52,000 including tax expense of \$15,000, charitable contributions of \$3,000, and depreciation expense of \$37,000. Depreciation expense for tax purposes is \$46,000. b. Corporate financial statement: net income of \$139,000 including tax expense of \$68,000, charitable contributions of \$28,000, depreciation expense of \$103,000, and meals and entertainment expenses of \$31,000. Depreciation expense for tax purposes is \$145,000. c. Corporate financial statement: net income of \$226,000 including tax expense of \$111,000, charitable contributions of \$16,000, municipal bond interest of \$19,000, meals and entertainment expenses of \$41,000, capital gains of \$6,000, and depreciation expense of \$142,000. Depreciation expense for tax purposes is \$131,000, and the corporation has a \$7,000 charitable contribution carryforward for the current year.

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