01-24-2005, 03:50 AM
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 Re: Schedule M-2 of 1120S "c111" <c111[at]excite.com> wrote: - quote - > 1. Is "Ordinary Income" on line 21 of 1120S considered
No.> "previously taxed income" on Schedule M-2? - quote - > And, what exactly is previously taxed income?
Income of an S Corp prior to 1982.- quote - > 2. Would line 1 of the AAA of Schedule M-2 equal line 24
Not necessarily> "beginning retained earnings" of Schedule L? - quote - > Seems these would be different since one is books
Correct. Some of the differences between AAA and retained> and the other is tax. earnings included Tax to book timing/temporary differences such as depreciation. previously taxed income. C Corp earnings and profits. Charles DiSalvo, CPA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
01-21-2005, 02:18 PM
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| Schedule M-2 of 1120S 1. Is "Ordinary Income" on line 21 of 1120S considered "previously taxed income" on Schedule M-2? And, what exactly is previously taxed income? 2. Would line 1 of the AAA of Schedule M-2 equal line 24 "beginning retained earnings" of Schedule L? Seems these would be different since one is books and the other is tax. Please help. Thanks Charlie << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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| 1120s, schedule |
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