Small Business Taxes & Management


Earnings & Profits Computation Worksheet

Taxable Income (or Loss)                                   _______

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                   _______
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

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--Last update 01/07/00