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Required:

a$.$ Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the

adjustments necessary to arrive at taxable income.

b$.$ Identify each book$-$tax difference as either permanent $(P)$ or temporary $(T).$

c$.$ Complete Schedule M$-1$ for Timpanogos.

d$.$ Compute Timpanogos Incorporated's tax liability.

Complete this question by entering your answers in the tabs below.

Required D

Compute Timpanogos Incorporated's tax liability.

Tax liability

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Required A and $B$

Required C

Required D

Complete Schedule M$-1$ for Timpanogos.

Note: Enter all values as positive numbers.

$\backslash$table$[[$Schedule M$-1$: Reconciliation of Income $($Loss$)$ per Books With Income per Return,$],[1.$ Net income $($loss$)$ per books,$],[2.$ Federal income tax per books,$],[3.$ Excess of capital losses over capital gains,$],[4.$ Income subject to tax not recorded on books this year $($itemize$)$:$,],[$Rental income,$],[5.$ Expenses recorded on books this year not deducted on this return $($itemize$)$:$,],[$a$.$ Depreciation,$],[$b$.$ Charitable contributions,$],[$c$.$ Travel and entertainment,$],[$Interest paid to obtain tax$-$exempt bonds,$],[$Life insurance premiums,$],[6.$ Total,$],[7.$ Income recorded on books this year not included on this return $($itemize$)$:$,],[$Tax$-$exempt interest,$],[$Life insurance proceeds from CEO's death,$],[8.$ Deductions on this return not charged against book income this year $($itemize$)$:$,],[$a$.$ Depreciation,$],[$b$.$ Charitable contributions,$],[9.$ T

Required:

a$.$ Reconcile book income to taxable income for Timpanogos Incorporated. Be sure to start with book income and identify all of the

adjustments necessary to arrive at taxable income.

b$.$ Identify each book$-$tax difference as either permanent $(P)$ or temporary $(T).$

c$.$ Complete Schedule M$-1$ for Timpanogos.

d$.$ Compute Timpanogos Incorporated's tax liability.

Complete this question by entering your answers in the tabs below.

Required $A$

and $B$

Compute Timpanogos Incorporated's tax liability.

Tax liabilityotal,$],[10.$ Income,$]]$

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