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Bridging the Reporting Gap: A Proposal for More Informative Reconciling of Book and Tax Income

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Author Info
Plesko, George
Mills, Lillian
Abstract

In this paper we review the history and purpose of the corporation income tax return's Schedule M-1 in light of recent attention to corporate reporting issues. Although the traditional role for the schedule has been to assist the audit process, the reconciliation of book to tax accounting numbers also provides information that is useful to tax analysts. We find the existing tax return Schedule M-1, largely unchanged since its introduction in 1963, provides insufficient detail for complex reconciliation issues. We propose a modified M- 1 to achieve better reconciliation, and discuss the advantages, and disadvantages, of public disclosure of such data

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File URL: http://hdl.handle.net/1721.1/1839
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Paper provided by Massachusetts Institute of Technology (MIT), Sloan School of Management in its series Working papers with number 4289-03.

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Date of creation: 14 Mar 2003
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Handle: RePEc:mit:sloanp:1839

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Postal: MASSACHUSETTS INSTITUTE OF TECHNOLOGY (MIT), SLOAN SCHOOL OF MANAGEMENT, 50 MEMORIAL DRIVE CAMBRIDGE MASSACHUSETTS 02142 USA

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  1. Plesko, George A., 2003. "An evaluation of alternative measures of corporate tax rates," Journal of Accounting and Economics, Elsevier, vol. 35(2), pages 201-226, June. [Downloadable!] (restricted)
  2. Mihir A. Desai, 2002. "The Corporate Profit Base, Tax Sheltering Activity, and the Changing Nature of Employee Compensation," NBER Working Papers 8866, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Erickson, Merle & Wang, Shiing-wu, 2000. "The effect of transaction structure on price: Evidence from subsidiary sales," Journal of Accounting and Economics, Elsevier, vol. 30(1), pages 59-97, August. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Maurizio Bovi, 2005. "Book-Tax Gap. An Income Horse Race," ISAE Working Papers 61, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
    Other versions:
  2. George A. Plesko, 2007. "Estimates of the Magnitude of Financial and Tax Reporting Conflicts," NBER Working Papers 13295, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. James Poterba & Nirupama Rao & Jeri Seidman, 2007. "The Significance and Composition of Deferred Tax Assets and Liabilities," NBER Working Papers 12923, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. George von Furstenberg & Ulf von Kalckreuth, 2007. "Dependence on External Finance by Manufacturing Sector: Examining the Measure and its Properties," Caepr Working Papers 2007-001, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington. [Downloadable!]
    Other versions:
  5. Maurizio Bovi, 2007. "National accounts, fiscal rules and fiscal policy. Mind the hidden gaps," ISAE Working Papers 76, ISAE - Institute for Studies and Economic Analyses - (Rome, ITALY). [Downloadable!]
  6. Michelle Hanlon & Terry Shevlin, 2005. "Bank-Tax Conformity for Corporate Income: An Introduction to the Issues," NBER Working Papers 11067, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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