Form Al-1120 - Corporate Income Tax Return - 2006 Page 3
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3Schedule PL – Profit or Loss Statement
Complete this schedule only if using the separate accounting method. Enter amounts applicable only to Albion business activity.
Complete all items for the same return period as the US 1120 or 1120S. Attach copy of approval letter.
1.
Gross Receipts…………………………………..
1.
2.
Returns and allowances………………………..
2.
Net Receipts. Subtract line 2 from line 1………………………………
3.
3.
Cost of Goods Sold
4.
Inventory at the beginning of the period……….
4.
5.
Merchandise bought for manufacture or sale..
5.
6.
Salaries and wages………………………………
6.
7.
Other costs (attach schedule)…………………..
7.
8.
Add lines 4 through 7…………………………….
8.
Inventory at the end of the
9.
period……………….
9.
10.
Cost of goods sold. Subtract line 9 from line 8……………………….
10.
11.
Gross profit. Subtract line 10 from line 3……………………………..
11.
Business Deductions
12.
Compensation paid to officers…………………
12.
13.
Salaries and wages not deducted elsewhere.
13.
14.
Rents………………………………………………
14.
15.
Depreciation………………………………………
15.
16.
Contributions……………………………………..
16.
17.
Taxes………………………………………………
17.
18.
Interest……………………………………………..
18.
19.
Repairs…………………………………………….
19.
20.
Bad debts………………………………………….
20.
21.
Other (attach schedule)………………………….
21.
22.
Total deductions. Add lines 12 through 21…………………………..
22.
23.
Net profit or loss. Subtract line 22 from line 11.
23.
24.
Dividend income………………………………….
24.
25.
Interest income…………………………………..
25.
26.
Income from rents and royalties………………..
26.
27.
Gain or loss from sale or exchange of property
27.
28.
Other income (attach schedule)….……………..
28.
29.
Total income. Add lines 23 through 28, enter on AL-1120, line 1........
29.
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