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(Solved) Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M-1 for 2015:


Emerald Corporation, a calendar year and accrual method taxpayer, provides the following information and asks you to prepare Schedule M–1 for 2015:

Net income per books (after-tax)                                                        $257,950

Federal income tax per books                                                               41,750

Tax-exempt interest income                                                                  15,000  

Life insurance proceeds received

as a result of death of corporate president                                            150,000

Interest on loan to purchase tax-exempt bonds                                       1,500

Excess of capital loss over capital gains                                                  6000

Premiums paid on life insurance policy on life

of Emerald’s president                                                                                7800

 


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