Since the M-2 is supposed to be tax basis for 2020 and beyond and because many will continue to report a balance sheet on a GAAP basis for years to come, can we get a check box on line 1 of the M-2 to have the beginning tax basis capital account pull from either: (i) Line 21 of the prior year figures on the balance sheet above on Schedule L; or (ii) the "Total beginning of year" capital account figure at the bottom of the Schedule K-1 Worksheet? At least that way, we will be able to select our starting point for our tax basis capital accounts each year regardless of whether you present a GAAP or tax basis balance sheet?
Insert Intuit Hold Music Here. Thank you!
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@Taxes-by-Rocky 👍 good-looking dog there🐕
Going to attempt to reply to my message and hope someone reads the suggestion again. Good start on the worksheet for the M-2, Line 3.......but can we get a check box for Line 1 so we can link to the adjusted (opening) tax basis for those of us still reporting a GAAP basis balance sheet? Need option (ii) in my above request please. Thank you.
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