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Megan C, Certified Public Accountant (CPA)
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When completing Form 1120S schedule L balance sheet, should

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When completing Form 1120S schedule L balance sheet, should line 10a (Buildings and other depreciable assets) include section 179 property with the same amount being included on line 10b as accumulated depreciation or should section 179 property be excluded entirely on schedule L?
Submitted: 1 year ago.
Category: Tax
Expert:  Megan C replied 1 year ago.

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You should include the Section 179 as assets, and then count as accumulated depreciation the section 179 depreciation you took

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Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 12487
Experience: Licensed CPA, CFE, CMA who teaches accounting courses at Master's Level
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