Help me settle this argument.
I am S Corp. I run payroll in December - say $100k.
I have a 25% profit sharing 401k plan.
My P&L statement shows the $25k expense on Line 17 Pension, profit-sharing, plans
I will transfer that $25k to the brokerage account sometime in Jan/Feb.
Should my Schedule L show the $25k liability?
I do; my friend does not.
Who is right?
