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The net income (loss) per books amount that appears on line 1 of Schedule M-1 is a calculated field and will change when an adjustment amount is entered on the other lines of the Schedule M-1.

There are a few predetermined adjustment lines on Schedule M-1 like 50% of travel and entertainment expenses, depreciation, tax exempt interest and a worksheet to enter other adjustment amounts.

When an adjustment amount is entered that net income (loss) per books should change to reflect the adjustment amount entered.

If the Schedule M-1 net income (loss) per books amount does not match the net income per books an adjustment amount will need to be entered on the predetermined adjustment lines and/or the other adjustment worksheet.


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