Net Income (Loss) Reconciliation for S Corporations With Total Assets of$10 Million or More
Section references are to the Internal Revenue Code unless otherwise noted.
2008
Table of Contents
- General Instructions
- Specific Instructions for Part I
- Part I. Financial Information and Net Income (Loss) Reconciliation
- When To Complete Part I
- Line 1. Questions Regarding the Type of Income Statement Prepared
- Lines 2 and 3. Questions Regarding Income Statement Period and Restatements
- Line 4. Worldwide Consolidated Net Income (Loss) per Income Statement
- Line 5. Net Income (Loss) of Nonincludible Foreign Entities
- Line 6. Net Income (Loss) of Nonincludible U.S. Entities
- Lines 7a, 7b, and 7c. Net Income (Loss) of other Foreign Disregarded Entities, Net Income (Loss) of Other Disregarded Entities (Except Qualified Subchapter S Subsidiaries), and Net Income (Loss) of Other Qualified Subchapter S Subsidiaries (QSubs)
- Line 8. Adjustment to Eliminations of Transactions Between Includible Entities and Nonincludible Entities
- Line 9. Adjustment To Reconcile Income Statement Period to Tax Year
- Line 10. Other Adjustments To Reconcile to Amount on Line 11
- Line 11. Net Income (Loss) per Income Statement of the Corporation
- Line 12. Total Assets and Liabilities of Entities Included or Removed on Part I Lines 4, 5, 6, and 7
- Specific Instructions for Parts II and III
- Reporting Requirements for Parts II and III
- Part II. Reconciliation of Net Income (Loss) per Income Statement of the Corporation With Total Income (Loss) per Return
- Line 1. Income (Loss) From Equity Method Foreign Corporations
- Line 2. Gross Foreign Dividends Not Previously Taxed
- Line 3. Subpart F, QEF, and Similar Income Inclusions
- Line 4. Gross Foreign Distributions Previously Taxed
- Line 5. Income (Loss) From Equity Method U.S. Corporations
- Line 6. U.S. Dividends Not Eliminated in Tax Consolidation
- Line 7. Income (Loss) From U.S. Partnerships and Line 8. Income (Loss) From Foreign Partnerships
- Line 9. Income (Loss) From Other Pass-Through Entities
- Line 10. Items Relating to Reportable Transactions
- Line 11. Interest Income
- Line 12. Total Accrual to Cash Adjustment
- Line 13. Hedging Transactions
- Line 14. Mark-to-Market Income (Loss)
- Line 15. Cost of Goods Sold
- Line 16. Sale Versus Lease (for Sellers and/or Lessors)
- Line 17. Section 481(a) Adjustments
- Line 18. Unearned/Deferred Revenue
- Line 19. Income Recognition From Long-Term Contracts
- Line 20. Original Issue Discount and Other Imputed Interest
- Line 21a. Income Statement Gain/Loss on Sale, Exchange, Abandonment, Worthlessness, or Other Disposition of Assets Other Than Inventory and Pass-Through Entities
- Line 21b. Gross Capital Gains From Schedule D, Excluding Amounts From Pass-Through Entities
- Line 21c. Gross Capital Losses From Schedule D, Excluding Amounts From Pass-Through Entities, Abandonment Losses, and Worthless Stock Losses
- Line 21d. Net Gain/Loss Reported on Form 4797, Line 17, Excluding Amounts From Pass-Through Entities, Abandonment Losses, and Worthless Stock Losses
- Line 21e. Abandonment Losses
- Line 21f. Worthless Stock Losses
- Line 21g. Other Gain/Loss on Disposition of Assets Other Than Inventory
- Line 22. Other Income (Loss) Items With Differences
- Line 23. Total Income (Loss) Items
- Line 24. Total Expense/Deduction Items
- Line 25. Other Items With No Differences
- Line 26. Reconciliation Totals
- Part III. Reconciliation of Net Income (Loss) per Income Statement of the Corporation With Total Income (Loss) per Return—Expense/Deduction
Items
- Lines 1 Through 6. Income Tax Expense
- Line 7. Equity-Based Compensation
- Line 8. Meals and Entertainment
- Line 9. Fines and Penalties
- Line 10. Judgments, Damages, Awards, and Similar Costs
- Line 11. Pension and Profit-Sharing
- Line 12. Other Post-Retirement Benefits
- Line 13. Deferred Compensation
- Line 15. Charitable Contribution of Intangible Property
- Line 16. Current Year Acquisition or Reorganization Investment Banking Fees
- Line 17. Current Year Acquisition or Reorganization Legal and Accounting Fees
- Line 18. Current Year Acquisition/Reorganization Other Costs
- Line 19. Amortization/Impairment of Goodwill
- Line 20. Amortization of Acquisition, Reorganization, and Start-Up Costs
- Line 21. Other Amortization or Impairment Write-Offs
- Line 22. Section 198 Environmental Remediation Costs
- Line 23a. Depletion—Oil & Gas
- Line 23b. Depletion—Other than Oil & Gas
- Line 24. Depreciation
- Line 25. Bad Debt Expense
- Line 26. Interest Expense
- Line 27. Corporate Owned Life Insurance Premiums
- Line 28. Purchase Versus Lease (for Purchasers and/or Lessees)
- Line 29. Other Expense/ Deduction Items With Differences
- Line 30. Total Expense/Deduction Items
- Part I. Financial Information and Net Income (Loss) Reconciliation
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