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Capital Stock [Page 4, Schedule L, Line 22(d)] This end-of-year balance sheet equity item included amounts shown for outstanding shares of both common and preferred stock.
Schedule L (Form 990) is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements between the organization and a disqualified person(s) under section 4958 or other interested persons.
Schedule L - Book Basis For example, 179, bonus or MACRS depreciation may be allowed for tax reporting purpose but straight-line depreciation is required for book reporting purposes. The accumulated depreciation on the Schedule L is to be reported on the book basis.
Purpose of Schedule Schedule L (Form 990) is used by an organization that files Form 990 or 990-EZ to provide information on certain financial transactions or arrangements between the organization and a disqualified person(s) under section 4958 or other interested persons.
Schedule L of Form 1120S is the Balance Sheet per Books. This schedule reports the corporations end-of-year assets, liabilities, and shareholders equity. Line 25, specifically, represents Total liabilities, which is the sum of all the corporations debts and obligations at the end of the tax year.
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Determining When to Complete Schedule L There are a few exceptions to the $10 million asset threshold: First Year Filers: Newly formed corporations filing their first tax return must complete Schedule L regardless of asset size. Foreign Corporations: Foreign corporations with US operations must always file Schedule L.
Check if the item is included, doubled, or excluded from the Schedule L. Check that the total assets and total liabilities are correct. Check for incorrect lines on Schedule L. If retained earnings still arent correct, check for incorrect lines on the M-1 or M-2.
Basically, a Schedule L - Balance Sheet contains the Assets which equals the Liabilities and Equity (Capital Stock, Paid in Capital and Retained Earnings) that existed in the corporation on the first and last day of the tax year.

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