Solved
I recorded $2,500 in non cash contributions on a S-Corp. Now my Balance Sheet is out of balance of course. How do I offset this? Thanks!!
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PhoebeRobertsAnswer
Intuit Community Champion
December 7, 2019
This is a Schedule M book-tax difference.
Be aware that you only get FMV as a deduction if the property would have generated capital gains, not ordinary income, if sold.
