Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Balance sheet

Automatic Schedule M-1 adjustments

UltraTax CS transfers the following items to Schedule M-1 automatically:
  • Excess of capital losses over capital gain from Schedule D
  • Utilization of capital loss carryover from prior years
  • Differences between book and tax expenses for depreciation, amortization, depletion, section 179, and startup / organization cost
  • Differences between book and tax income for the 4797 gain (loss)
  • Disallowed passive losses and additional allowed passive losses from Schedule F, Form 4835, Rental and Royalty activities, Oil and Gas activities, and K-1 pass-through entities
  • Disallowed at-risk losses and additional allowed at-risk losses from Schedule F, Form 4835, Rental and Royalty activities, Oil and Gas activities, and K-1 pass-through entities
  • The 20-percent reduction in applicable meals expense subject to limitations of the DOT from Screens Inc, F-2, Rent, and 4835-2
  • Any contributions limited by taxable income or contribution carryovers used
  • Tax-exempt interest
  • A rounding adjustment, if applicable
  • Other tax-exempt income from pass-through entities
  • Nondeductible expenses from pass-through entities
  • Domestic production activities deduction
  • Extraterritorial income exclusion
  • Federal income tax expense
  • State and city tax accrual adjustment
  • The reduction in conservation expenses from Screens F-2 and 4835-2
  • Capitalized research credit
  • Credit for small employer health insurance premiums
  • Credit to holders of tax credit bonds
  • Disabled access credit
  • Employer childcare credit
  • Employer tip credit tax expense reduction
  • Energy efficient home credit
  • Income from the alcohol fuel credit
  • Income from the biodiesel fuels credit
  • Low sulfur diesel fuel credit
  • Orphan drug credit
  • Research credit
  • Small employer pension plan credit
  • Total qualified employment credit wages

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: balance-sheet-m1-m3
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close