Schedules M-1 And M-2 (Form 1120-F) - Reconciliation Of Income (Loss) And Analysis Of Unappropriated Retained Earnings Per Books - 2014
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1Reconciliation of Income (Loss) and Analysis of
SCHEDULES M-1 and M-2
OMB No. 1545-0123
(Form 1120-F)
Unappropriated Retained Earnings per Books
2014
Information about Schedules M-1 and M-2 (Form 1120-F) and its instructions is at
▶
Department of the Treasury
Attach to Form 1120-F.
Internal Revenue Service
▶
Name of corporation
Employer identification number
Reconciliation of Income (Loss) per Books With Income per Return
Schedule M-1
Note. The corporation may be required to file Schedule M-3 (see instructions).
7
Income recorded on books this year
1
Net income (loss) per books .
.
.
.
.
not included on this return (itemize):
2
Federal income tax per books .
.
.
.
$
3
a
Excess of capital losses over capital gains
Tax-exempt interest
4
Income subject to tax not recorded on
b Other (itemize):
books this year (itemize):
8
Deductions on this return not charged
against book income this year (itemize):
5
Expenses recorded on books this year not
deducted on this return (itemize):
$
a Depreciation
.
.
$
$
a Depreciation .
.
. .
b Charitable contributions
$
b Charitable contributions
c Other (itemize):
c Travel and entertainment $
d Other (itemize):
9
Add lines 7 and 8 .
.
.
.
.
.
.
6
Add lines 1 through 5 .
.
.
.
.
.
.
10
Income—line 6 less line 9 .
.
.
.
Analysis of Unappropriated Retained Earnings per Books
Schedule M-2
1
5
a Cash
Balance at beginning of year
.
.
.
.
Distributions:
.
.
.
.
2
b Stock .
Net income (loss) per books .
.
.
.
.
.
.
.
3
Other increases (itemize):
c Property .
.
.
6
Other decreases (itemize):
7
Add lines 5 and 6 .
.
.
.
.
.
.
4
8
Add lines 1, 2, and 3 .
.
.
.
.
.
.
Balance at end of year (line 4 less line 7) .
What’s New
Schedule L are $10 million or more. A
• Employee achievement awards over
corporation filing Form 1120-F that is not
$400.
Effective for tax years ending December
required to file Schedule M-3 may
• The cost of entertainment tickets over
31, 2014 and later, foreign corporations
voluntarily file Schedule M-3 instead of
face value (also subject to the 50% limit
that (a) are required to file a Schedule M-3
Schedule M-1. See the Instructions for
under section 274(n)).
(Form 1120-F) and have less than $50
Schedule M-3 (Form 1120-F) for more
million in total assets at the end of the tax
• The cost of skyboxes over the face value
information.
year or (b) are not required to file a
of nonluxury box seat tickets.
Note. If Schedule M-3 is completed in lieu
Schedule M-3 (Form 1120-F) and
• The part of luxury water travel expenses
of Schedule M-1, the corporation is still
voluntarily file a Schedule M-3 (Form 1120-
not deductible under section 274(m).
required to complete Schedule M-2.
F) must either (1) complete Schedule M-3
• Expenses for travel as a form of
(Form 1120-F) entirely or (2) complete
Do not complete Schedules M-1, M-2,
education.
Schedule M-3 (Form 1120-F) through Part I
and M-3 if total assets at the end of the tax
and complete Schedule M-1 instead of
year (Schedule L, line 17, column (d)) are
• Other nondeductible travel and
completing Parts II and III of Schedule M-3
less than $25,000.
entertainment expenses.
(Form 1120-F). If the foreign corporation
Line 7a. Tax-exempt interest. Report any
Specific Instructions
chooses (2), then Schedule M-1, line 1
tax-exempt interest received or accrued,
must equal Schedule M-3 (Form 1120-F),
including any exempt-interest dividends
Schedule M-1
Part I, line 11. See the Instructions for
received as a shareholder in a mutual fund
Schedule M-3 (Form 1120-F) for more
Line 1. Net income (loss) per books. The
or other regulated investment company.
information.
foreign corporation must report on line 1 of
Also report this same amount in item P at
Schedule M-1 the net income (loss) per the
the top of page 2 of Form 1120-F.
Who Must File
set or sets of books taken into account on
Schedule M-2
Generally, any foreign corporation that is
Schedule L.
required to complete Form 1120-F, Section
Line 1. Beginning balance of
Line 5c. Travel and entertainment
II must complete Schedules M-1 and M-2
unappropriated retained earnings. Enter
expenses. Include any of the following:
(Form 1120-F). However, under some
the beginning balance of unappropriated
• Meal and entertainment expenses not
circumstances, a foreign corporation is
retained earnings per the set(s) of books
deductible under section 274(n).
required to complete (or may voluntarily
taken into account on Schedule L.
complete) Schedule M-3 (Form 1120-F) in
• Expenses for the use of an entertainment
Note. For additional information for
lieu of Schedule M-1.
facility.
Schedule M-2 reporting, see the
Complete Schedule M-3 in lieu of
• The part of business gifts over $25.
Instructions for Schedule M-3 (Form
Schedule M-1 if total assets at the end of
1120-F).
• Expenses of an individual over $2,000
the tax year that are reportable on
that are allocable to conventions on cruise
ships.
For Paperwork Reduction Act Notice, see the Instructions for Form 1120-F.
Schedules M-1 and M-2 (Form 1120-F) 2014
Cat. No. 49678K
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