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- Overriding CA S-Corp Asset listed as Other Inv on Fed BS
Overriding CA S-Corp Asset listed as Other Inv on Fed BS
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LeonF
Level 1
03-29-2022
07:26 PM
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S-Corp Federal Balance Sheet includes an 'Other Investment' amount - a purchase value of equity in another entity. (Simply put, this company invested into another company.)
The K-1 received shows a loss that is different between the Federal and State K-1s. This loss, for State purposes, is correctly calculated and is supposed to be different than the Federal Loss. (In other words, the K-1 is accurate.)
To write off the loss, we apply it against the basis; but, a different loss is being applied to the California basis.
I have not been able to find a way to adjust or override the California Balance Sheet for the difference, so that the Investment matches the value indicated on the California K-1.
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