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Jacy, Certified Public Accountant (CPA)
Category: Tax
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Experience:  Nine years individual income tax preparation and consulting
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On Schedule L of the 1120, why is line 8 (Mortgage and Real

Customer Question

On Schedule L of the 1120, why is line 8 (Mortgage and Real Estate Loans) listed as an asset?
Submitted: 5 years ago.
Category: Tax
Expert:  Jacy replied 5 years ago.



This line item is for Mortgage and Real Estate Loans Receivable. Mortgages payable is listed under liabilities.


Hope this answers your question. Please Reply if I can help you further.


Thank you!

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