Schedule M 1 Form 1120 

Very useful

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?

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

Thank you prof.

Good one.

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

thank u

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

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.

please explain for 1065 also