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Screen NCM2 - North Carolina Analysis of AAA (1120)
Show all hidden content
Analysis of Accumulated and Other Adjustments
Beginning balance
Enter the beginning of the year balances for the
AAA, NC Adjustment Account
, Shareholder Undistributed Taxable Income
, and REU Timing Differences
fields. If these fields are blank, the application uses the corresponding federal Schedule M-2 balances as the default amounts. If the application proformas the client data, these fields reflect last year’s ending North Carolina Schedule M-2 balances.note
You aren't required to use these fields because the amounts aren't transferred to any North Carolina form. If Schedule M-2 is reconciled on a book basis, it's not likely that this account for Schedule M-2 reconciles. However, if Schedule M-2 is reconciled on a tax basis, this account is helpful in tracking book / tax timing differences and C Corporation retained earnings.
Other additions: AAA
The application automatically transfers the following amounts from the federal 1120 return to the statement attached to this field:
- Net real estate income (if positive)
- Net other rental income (if positive)
- Interest income
- Dividend income
- Royalty income (if positive)
- Short-term Schedule D, line 6 (if positive)
- Long-term Schedule D, line 13 (if positive)
- Net Sec 1231 Gain on Schedule K, line 9 (if positive)
- Gain on sale of section 179 assets
- Other income (if positive)
- Officer life cash surrender value
- Federal Schedule M-1 items coded as AAA additions
- Federal Schedule M-2 items entered as AAA additions
Other additions: NC Adjustment Account
The application automatically transfers the following amounts from the federal 1120 return to the statement attached to this field:
- Tax-exempt interest
- Federal Schedule M-1 items coded as OAA additions
- Federal Schedule M-2 items entered as OAA additions
Other additions / reductions: REU Timing Differences
These fields are used to calculate the Schedule M-2 Reconciliation Worksheet to reconcile the year-end Schedule M-2 balances to the total retained earnings on the Schedule L balance sheet. The application automatically transfers the Schedule M-1 out of balance adjustment amount, if positive, to the
Other additions
field on this input screen; if negative, the application transfers that amount to the Other reductions
field.Other reductions: AAA
The application automatically transfers the following amounts from the federal 1120 return to the statement attached to this field:
- Net real estate income (if negative)
- Net other rental income (if negative) Royalty income (if negative)
- Short-term Schedule D, line 6 (if negative)
- Long-term Schedule D, line 13 (if negative)
- Net Sec 1231 loss on Schedule K, line 9 (if negative)
- Loss on sale of section 179 assets
- Other income (if negative)
- Charitable contributions
- Section 179 deduction
- Other deductions
- Interest expense on investment debts
- Total foreign taxes
- Total Section 59(e) expenditures
- Disallowed entertainment expense
- Income from alcohol fuel credit
- Income from biodiesel fuel credit
- Qualified zone academy credit
- Employment credit wages
- Employer tip credit reduction
- Research credit
- Capitalized research credit
- Disabled access credit
- Orphan drug credit
- Capitalized orphan drug credit
- Employer pension plan credit
- Employer child care credit
- Low sulfur diesel fuel credit
- Energy efficient home credit
- Officer life insurance premiums
- Conservation expense
- Oil / Gas depletion
- Shareholder health insurance
- Fines and penalties
- Federal Schedule M-1 items coded as AAA reductions
- Federal Schedule M-2 items entered as AAA reductions
Other reductions: NC Adjustment Account
The application automatically transfers the following amounts from the federal 1120 return to the statement attached to this field:
- Expenses attributable to tax-exempt interest
- Federal Schedule M-1 items coded as OAA reductions
- Federal Schedule M-2 items entered as OAA reductions