income items that are taxable in the current year but not entered into the
general ledger. Add your result to the net income after taxes from the general
ledger. Add the current year's federal tax expense and any capital losses that
exceed the corporation's capital gains.
general ledger expenses that are not deductible in the current tax year, such
as charitable contribution carryovers from a previous year, nondeductible
travel and entertainment expenses or timing differences caused by using
different depreciation methods on the general ledger and tax return.
tax-exempt interest and any other income listed on the general ledger and not
on the company's tax return. Subtract deductions on the tax return that are
attributable to accounting income from a different year, such as depreciation
differences or charitable contribution carryovers. The resulting amount is the
corporation's adjusted book income before any special or net operating loss
deductions. This should match the net taxable income listed on the tax return.
Apr 26th, 2015
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