Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

[accountingPlus1]

Is federal income tax paid to the IRS, taxable for a corporation filing 1120? If not is it taxable for New York State? If not, where do i enter this on the form?

[Terry53029]

are you asking if federal taxes are deductible ? see pub 535

[sjrcpa · Accepted solution]

It is not taxable. How would an expense be taxable?

It is not deductible- for federal or NY.

It gets entered as an M-1 adjustment - expense on books not on tax return.