Form Pa-20s/pa-65 M - Pa Schedule M - Reconciliation Of Federal-Taxable Income (Loss) To Pa-Taxable Income (Loss) - 2011 Page 2

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1107110056

PA SCHEDULE M

Reconciliation of Federal-Taxable

Income (Loss) to PA-Taxable

Income (Loss)

2011

PA-20S/PA-65 M

(05-11) (FI)

OFFICIAL USE ONLY

START

Name as shown on PA-20S/PA-65 Information Return

FEIN

PA Schedule M, Part B. Determining PA Reportable Income (Loss) by Classification

The entity may need to prepare a PA Schedule M, Part B, if it must make adjustments to properly

Total Rental Income (Loss) or

determine its reportable classified income (loss) for its PA-20S/PA-65 Information Return. This specific

PA Allocated

Total Business Income (Loss)

list of adjustments applies to income (loss) from a business or farm, and rental/royalty income (loss).

Income (Loss)

Before Apportionment

Enter whole dollars only.

Section A. Federal Classified Income (Loss). Income class from Part A, Column:

Enter the initial of Column (b) or (f) only.

Section B. Itemize income adjustments that increase PA reportable income (reduce the loss).

a Deferred income relating to advance payments for goods and services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

b Difference in gain (loss) for each business sale of property where the proceeds were reinvested in the same

line of business . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c Gain from business like-kind exchanges, see PA PIT Guide for instructions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Gain (loss) on involuntary conversions – IRC Section 1033 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Income from cancellation of debt that PA treats differently from federal rules . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Increases in income in the year of change resulting from spread in the year of change associated with IRC

Section 481(a) adjustment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Income from obligations of other states and organizations that is not exempt for PA purposes . . . . . . . . . . . . . . . .

h Other taxable income for PA purposes the entity does not report for federal purposes. Submit statement . . . . . . .

B Total

Section C. Itemize income adjustments that decrease the PA reportable income (increase the loss).

a Difference in gain (loss) for each business sale when proceeds were reinvested in the same line of business . . . .

b Income from obligations of the U.S. government and other organizations that is not taxable for PA purposes. . . . .

c Decreases for previously reported income in prior year resulting from spread associated with IRC Section 481(a).

d Other PA nontaxable income the entity reported for federal purposes. Submit statement . . . . . . . . . . . . . . . . . . . .

C Total

Section D. Adjusted PA Reportable Income. See PA-20S/PA-65 Schedule M instructions.

Section E. Itemize those expenses that PA law does not allow that the entity deducted on its federal form.

These adjustments increase PA reportable income (reduce the loss).

a Taxes paid on income from the worksheet in the PA PIT Guide. Submit worksheet . . . . . . . . . . . . . . . . . . . . . . . . .

b Differences in depreciation taken for PA and federal purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c Key man life insurance premiums (owners as beneficiaries) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d Differences in PA treatment of guaranteed payments for capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Differences in depreciation for bonus depreciation (PA law does not allow bonus depreciation.) . . . . . . . . . . . . . . .

f Expense adjustments to qualify for the PA credits claimed in Part V of the PA-20S/PA-65 . . . . . . . . . . . . . . . . . . . .

g Other expenses the entity deducted on its federal return that PA does not allow. Submit statement . . . . . . . . . . . .

E Total

Section F. Itemize those expenses that PA law allows that the entity could not deduct on its federal form.

These adjustments decrease PA reportable income (increase the loss).

a 50 percent of business meals, entertainment, and club dues that the entity could not deduct . . . . . . . . . . . . . . . . .

b Sales tax on depreciable assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c Differences in depreciation taken for PA and federal purposes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

d IRC Section 179 expenses (the maximum for PA purposes is $25,000) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

e Expenses for employees, including PA S corporation shareholder-employees . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

f Life insurance premiums (PA S corporation or partnership as beneficiary) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

g Expense adjustments to qualify for federal credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

h Other expenses PA allows that the entity did not deduct on the federal return. Submit statement . . . . . . . . . . . . . .

i Use Tax claimed and remitted - not previously capitalized. Include a copy of the PA-1 form . . . . . . . . . . . . . . . . . .

F Total

Section G. Total Taxable Income (Loss). Add Section D, plus E, minus F.

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