joshuabarksatlc s
Level 10
02-11-2022
04:43 PM
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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.