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AK Form 1120-ND: What You Should Know

For Schedule M, include any income not reported. For Schedule L.C., include the income and wages. Schedule M must also include the corporation's net capital gain, any deductions for personal expenses, tax credits, and other items. The corporation may also withhold a penalty for reporting an incorrect information return or tax payment. If the corporation reports an incorrect amount and does not correct the information, the corporation may be assessed a penalty for willful failure to file a return and pay tax on the incorrect amount as soon as practicable within 3 years from the date of receipt of the return. To determine capital gain, subtract the adjusted basis of the property from total gross income. To determine net capital gain, reduce the net capital gain by the net capital loss on the property that you report on Schedule M or line 7. You must include on Schedule M and on Schedule L.C., only any taxable capital gain (less any dividends) and net capital gain. The following are examples of each of the sections on page 7.  Example 1. A corporation reports total income of 5,000, 3,000 is its profit and 1,500 is the capital gain from disposing of its stock of a corporation with 1,000 capital gain. The capital gain from disposing of stock is the basis from which the stock is sold. It is reported on line 13 of the Form 1120 and on line 5 of Schedule M; therefore, you must report this income in Schedule M as follows. Table of Contents Enter information as follows: Capital Gain or Loss Income Received Deductible Expenses Deductible Interest Expenses Total Income (For Tax Withholding) (Including Taxable Capital Gain) (5,000 – 3,000) or (3,000 -1,500) (2,500 – 1,500) 1,500 Income from Capital Gain or Loss (Capital Gain or Loss) Capital Gain or Loss Capital Gain or Loss Capital gain is the excess of the carrying amount of an asset over the total amount of its market value at time of acquisition. The amount of the gain is figured by adding the cost of the asset less the adjusted basis of the asset. For example, see Example 2. Example 2.  A corporation reports 25 of sales of its stock to its officers and employees. The corporation sells 25 of the stock to its customers for 250 each.

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