Our 100% business use car was totaled due to an accident. The car was worth 100K. Insurance paid 60K for it. This 60K is coming up as Involuntary conversion (other income) in Schedule K. In addition, Form 1120S is also getting another 60K as Net Gain from Form 4797 (line 4).
Why are they appearing twice? I cannot balance the books with an additional 60K.
Question; Does the 60K need to appear in Partner K1 also?
Thanks
