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01/26/2012 at 02:08PM PST

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taxmess762

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10/30/09 8:37am PDT
Viewed by asker 10/30/09 9:04am PDT

M-2 and Retained Earnings

Will line 8 on the M-2 and line 24 (R.E) always agree? I took $30,000 woth of Section 179, and of course that flows through to the two Sub S shaeholders, but the 179 is an adjustment on the M-@, but not on the balace sheet. Does this sound right?

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PhoebeRoberts

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10/30/09 8:53am PDT

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Best Answer - Chosen by the Community

AAA is not always the same as Retained Earnings.

That said, Sec 179 does affect the balance sheet, if Sch L is a tax-basis balance sheet. (If Sch L is book-basis, you'd certainly not expect AAA to match RE.) Debit RE, Credit 10b Accumulated Depreciation.

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