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Screen M3S-2 - Income (Loss) Items When Assets More Than $10 Million (1120)
Income (Loss) Items
Items relating to reportable transactions
If Forms 8886 are completed for reportable transactions, the forms have been sequentially numbered by the application (see line A of Form 8886). Enter the transaction number of the reportable transaction in the Form 8886 Number column of the statement and enter the related income (loss) amounts as required.
For additional information, refer to the Schedule M-3 instructions regarding reportable transaction items.
Other items with no differences
The application calculates the difference between the income (loss) on Schedule K, line 18 and Schedule M-3, Part II, line 26(d), and enters an adjustment on Schedule M-3, Part II, line 25, columns (a) and (d) for the difference.
Book/Tax Differences
Nondeductible expenses
The application transfers the nondeductible portion of meals and the reduction to expense items for current-year credits.
Schedule M-2 other additions / other reductions
The application transfers the nondeductible portion of meals and the reduction to income and expense items for current-year credits to the Schedule M-2 line for Other Additions.