Hi Everyone,

I've searched and I can't seem to find my answer.  I only do a few small partnership returns a year, but this one needs a Schedule L.  I've got everything balanced except Schedule L, Line 22 doesn't match Schedule M-2, line 9. The difference is the book to tax adjustments, depreciation not taken on the books and some non 100% meals on the books.  My understanding is the M-2 is tax basis and Sch L is book basis.  So some differences would be normal?  Is that correct?  Do I need to make a note or adjustment somewhere?

Thanks in advance for your time.