Garrett G. asked
Does Section 179 depreciation get booked in accumulated depreciation and on the Income Statement even though it flows through to K1 on 1120S? If it is booked after the tax return, would retained earnings be off? Is depreciation booked on Scorp 179? Into what account? If prior year depreciation for Section 179 was not booked, would I need to journal to retained earnings and then close retained earnings to the capital account?
September 20th, 2023
Russell T. answered
Yes, Section 179 depreciation is booked just like any other form of depreciation. It should be recor...
September 20th, 2023
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