Homework Answers
(When book expenses are either more than or less than tax return deductions in that case the Schedule M-3 reporting is done. Both temporary and permanent differences are reported in it.)
line 12, Part III as follows:
book expense of $50,000 in column (a),
permanent difference of ($50,000) is reported in column (c),
tax return deduction of $0 in column (d).
line 31, Part III as follows:
book expense of $245,000 in column (a),
temporary difference of $65,000 in column (b),
and tax return deduction of $310,000 in column (d).
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Fill-in choices are add: or less:
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