Schedule UTP of the Form 1120 reconciles financial statement net income after tax with a large corporation's taxable income.

Question

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Schedule UTP (Uncertain Tax Position Statement) is used by certain corporations to report uncertain tax positions, not to reconcile financial statement net income after tax with taxable income. That reconciliation is generally part of Schedule M-1 or Schedule M-3 of the Form 1120.

Schedule UTP of the Form 1120 Reconciles Financial Statement Net