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Schedule m-3 Form: What You Should Know

Schedule M-3 (Form 1120-PC), Part II (Rev) — CCC Support Schedule M-3 (Form 1120-PC), Part II (Rev)-C CCC (CCE) Support ​​ Instructions for Schedule M-3 (Form 1120-PC) The summary entries for Income with the applicable Return Type and M-3 Code will be entered as follows: Income from business is computed by adding the following items in sequence and applying all income deferrals: (1) Total taxable income (loss) (2) Net taxable income (loss) (i.e., taxable income minus deductions for: (a) Certain items (i.e., interest, dividends, compensation to government agencies, etc.) , and (b) Certain other items. Note: If the total gross income of the firm is 250,000 and the entity has a CCE type of taxation, a gross income (loss) is  (3) Net nonce taxes. (4) Tax credits. (5) Net federal income tax liability, and (6) Any State income tax liability. Note: If the total gross income of the firm is 250,000 and the entity has a CCE type of taxation, the gross income is taxable income minus the net federal income tax liability, which is equal to the difference (if any) between the taxable income and the net federal income tax liability The amount of the net federal tax liability is calculated as follows: (i) Subtract the Federal income tax liability and (ii) Add to the net federal tax liability the net state income tax liability and the net state non-taxable income tax liabilities and (iii) Multiply the total of the previously subtracted items (1) through (5) by 10 percent and include the result in the income (loss) of the corporation. For purposes of this example, the amount of Federal income tax liability and State income tax liability is the same at 1,250,000, i.e., 50,000. The result is 50,000, i.e.

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