Reconciliation of I/L per Books to Taxable Income:
8 [FILTERED]
+F – FITE [Federal Income Tax Expense] (per Books)
+I – Installment Sale Income
-L – Life Insurance Proceeds
-T – Tax-Exempt Interest
+E – ECLOG [Excess Capital Losses over Gains]
+R – Rents Received in Advance
+E – Expenses Recorded on Books this year not on the tax return
-D – Deductions on this return not charged against book income this year
Expenses Recorded on Books This Year Not on the Tax Return:
10 [A COWARD PIMP]
A – Allowance for Doubtful Accounts
C – Contribution Carryover
O – Organizational Costs (Expense)
W – Warranty Accrual
A – Assets=> Different Basis of Assets
R
D – Book Depreciations
P – Pension Expense Accrued
I – Impairment => Goodwill Impairment per Books
M – Meals & Entertainment (50%)
P – Penalties
Deductions on this return not charged against book income this year:
9 [CA-POSTBAG]
C – Contribution Carryover
A – Assets => Different Basis of Assets
P – Pensions Paid
O – Organizational Cost (Amortization)
S – Section 179 Deductions
T – Tax Depreciation
B – Bad Debt=>Direct Write-Offs of Bad Debt
A – Actual Warranty Costs
G – Goodwill Amortization per return
.