joshuabarksatlcs
Level 10

There is nothing "to fix".  Beginning this year, Line 3 of M-2 is pulling Line 9 of M-1 instead of Line 1 of M-1.  The user just have to reconcile between the TAX basis to the balance sheet -

Two simple ways:

1.  use the CA tax basis for Sch L.  Keep two sets of Sch L's when there are book/tax and/or CA/fed differences.  

2,  live and let live the difference between the M-2 capital (tax basis) and the Sch L capital balance

3.  select NOT to use the federal Sch L for CA. 

But then, didnt i just say two???


I come here for kudos and IRonMaN's jokes.
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