Taxable Income (or Loss) _______ Add: Tax-exempt income _______ Depreciation for income tax purposes _______ 80% of current year's Sec. 179 deduction _______ Net operating losses _______ Carryovers _______ Installment sales, deferred gains _______ Organization and circulation expenditures _______ Dividends received deduction _______ Construction period carrying charges _______ Percentage of completion profits, less completed contract profits _______ Increase in LIFO recapture amount _______ Certain intangible drilling costs _______ Depletion deducted less cost depletion _______ Life insurance proceeds greater than CSV _______ Less: Federal income taxes _______ Dividends and distributions _______ Depreciation for E&P purposes _______ 20% of prior Sec. 179 deductions _______ 50% of meal and entertainment expenses _______ Excess charitable contributions _______ Premiums on certain life insurance _______ Net Capital losses _______ Expenses to produce tax-exempt income _______ Business gifts not deductible _______ Fines and penalties _______ Completed contract profits, less percentage of _______ Decrease in LIFO recapture amount completion profits _______ Adjustment for gain on sale of depreciable property _______ Related taxpayer expenses and losses _______CAUTION. This is not a complete list. Moreover, some items may be challenged by the IRS. See our December 1, 1999 issue for additional details.
Copyright 2000 by A/N Group, Inc. This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is distributed with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional should be sought. The information is not necessarily a complete summary of all materials on the subject.--ISSN 1089-1536
--Last update 01/07/00