My question regards Form 1065 U.S. Return of Partnership Income Schedule L Balance Sheets per Books. Specifically, if your LLC meets one of the three criteria and Schedule L, M-1 and M-2 are required then TurboTax carries six values forward from form 4562 Depreciation and Amortization Report: Line 9a & b.
So hypothetically:
Buildings and other assets beginning of year 814,117 less accumulated depreciation 556,147 is $257,970 (columns a & b).
And End of year 859,809 less accumulated depreciation 556,147 is $303,662.
The difference between 303,662 less 257,970 is our Section 179 depreciation. $45,692
My question is how does one properly account on the Balance Sheet Schedule L to adjust for the Section 179 depreciation? (side note: the same imbalance occurs if you use special deprecation allowance. )
