Are Form 1120 Schedule M 3 Consolidation 2019-2024

Engine, you have technically evolved over the years and encountered several issues. Starting in 2014, it is important to address these problems. - Our goal in addressing this issue is to find our PTS (Projected Taxable Income). To do this, we need to examine the information provided. - As of January 1st, 2012, there was a deferred tax liability of $60,000 and a deferred tax asset of $20,000. These numbers serve as our starting point. - Additionally, we have a taxable income for 2012 totaling $105,000, along with an accumulative temporary difference resulting in a future taxable amount of $230,000. - It is important to note that there is also an accumulative temporary difference resulting in a future deductible amount, which acts as an asset valued at $95,000. - The tax rate for all years remains at forty percent, and no permanent differences exist, meaning we can disregard that aspect. - To proceed, we need to include the forty percent tax rate for each year, specifically for the 2014-2015 period. - We can start by addressing number four and five. Since the information provided only gives us total amounts instead of specific accounts, I suggest separating the future taxable amount and future deductible amounts. - The cumulative temporary difference giving rise to future taxable amounts is $230,000. Therefore, we will input this value as a positive on our 12/31 balance. - On the other hand, the 12/31 balance for future deductible amounts is $95,000, which needs to be entered as a negative since it is a deductible expense. - Taking into consideration the provided details, we know that there was a deferred tax liability of $60,000 on January 1st, 2012, and a deferred tax asset of $20,000 during the same period. - As of January 1st, 2014, we need to consider the beginning balance. Normally, in our spreadsheet, this number represents...