Form 1120-S (Schedule M-3) for Detroit Michigan 2019-2025

Form 1120-S (Schedule M-3) for Detroit Michigan: What You Should Know

See Tax on Net Income for information on net income. See Other Net Income. (from page 2, column 2, line 7) In order to understand the above tables, it is helpful to understand some basic principles of accounting : • Income and expenses are allocated to income and expense groups. When the company has one income or expense group that accounts for all or nearly all of its income or expense, it counts the group as one of its income or expense groups. • Items are added or subtracted in the computation of income or expenses. When an item has been deducted or withheld from income in compliance with the statute or statutory rules of the state, the company adds the item to income. When the same item has been applied to income for the payment of a penalty or is otherwise required by law, the company reduces the income by the amount the item is applied to. • When a company's income or expense is reduced by the full amount of an item, the total reduction is shown in the “Reduced Income” column. When a company's income or expense is reduced by a fractional amount, the reduction shown in the “Reduced Income” column is rounded up to the next whole dollar. • Companies report amounts by the year rather than by the day(s) in the month(s) because the amount by the day of the year is the amount of income and expense earned or incurred by the company in that period. • Income and expense are usually reported on Schedule 1, line 27. This schedule includes only the items for the current year. If an item is required to be reported more frequently, a separate schedule may be used, either for the current year or for the prior two tax years. Example : In the year 2017, the income of the non-profit business, with annual income of 70,000, was reduced by a penalty of 5,500. The company incurred 20,000 in expenses that year; so the first 10,000 of expenses reduced the income by 5,500. The remaining part of the 10,000 expenses is reflected on the schedule “Reduced Income” for the year. A more complete description of income and expense groups and their allocation to items can be found in our Guide to Income, Expenses, and Other Measures. Income and expense allocations can be found on our Guide to Schedule F (Form 1120-F) — Return of Return, Certificate of Correction, etc.

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