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1120 - C corp return
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AAE
Level 1
a week ago
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Hello,
I am working on a 1120 for 2023 for a client and I am having trouble balancing schedules m-1, m-2 and L without having to move some numbers around. They had an asset they sold. On the books it is income, but for tax purposes they had a loss. Is there anything special I need to do in order to get this right or just balance it out myself?
Thanks!
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Jim-from-Ohio
Level 11
a week ago
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All my clients have book depreciation = tax depreciation but I will give this a shot. Balance Sheet on 1120 should be a "Book" Balance sheet, not a Tax Balance sheet. That is the first thing I would look at. Then you are probably going to have a depreciation difference on M-1. And lastly, the gain/.loss difference on M-1.
