DESCRIPTION
This module examines Schedules K & M-1. The material focuses primarily on calculating and reviewing these schedules. This module relies heavily on the discussion questions and case studies.
LEARNING OBJECTIVES
- Identify separately-stated items reported on Schedule K for pass-through entities.
- Identify permanent and timing differences between book and tax income.
- Identify reporting requirements for book-to-tax differences on Schedules M-3 and M-1.
- Identify reporting requirements for Schedules K-2 and K-3.
- Calculate a reconciliation of book income to taxable income.
