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A
AAE
Level 2
December 9, 2024
Question

1120 - C corp return

  • December 9, 2024
  • 1 reply
  • 4 views

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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1 reply

Jim-from-Ohio
Jim-from-OhioIntuit Community Champion
Intuit Community Champion
December 9, 2024

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. 

 

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