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#1
06-03-2006, 11:59 PM
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 Re: 1120 Schedule L Question "Jose" <Jose5464[at]yahoo.com> wrote: - quote - > On Line 22 they ask for Capital stock and on line 27 they
Capital stock is the par value> ask for treasury stock. > 22 is all stock issued (the sum of treasury and that > outstanding), so 22 minus 27 is the outstanding stock, > right? > I am looking at a return where 27 is greater than 22. Other > than an error, is there any way that could happen? > The instructions don't cover this, presumably because it is > so simple... thanks Paid in Capital is the excess of par value when it was issued. Treasury stock is what you paid to repurchase the stock. It has nothing to do with par value or the value you issued it for. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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06-03-2006, 01:44 PM
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| Re: 1120 Schedule L Question Happens quite often. I've one where 1,000 shares were issued for $1 back in the 70's. Two owners Dad with 999 and son with 1 share. Both worked business. Dad died leaving stock to Mom. Board (son and Ma) authorized a company stock buy back. Now the equity section looks like this: Common Stock 1 Treasury Stock -1,000,000 Funkly looking I agree but remember we deal with historical cost NOT fair market value. Regards, Mark << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
06-02-2006, 06:53 AM
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| 1120 Schedule L Question On Line 22 they ask for Capital stock and on line 27 they ask for treasury stock. 22 is all stock issued (the sum of treasury and that outstanding), so 22 minus 27 is the outstanding stock, right? I am looking at a return where 27 is greater than 22. Other than an error, is there any way that could happen? The instructions don't cover this, presumably because it is so simple... thanks << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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