83-120: Mississippi Balance Sheet Per Books (2024)
Mississippi · Mississippi DOR · Used for tax years 2024
Mississippi Form 83-120 reports a corporation’s assets, liabilities, and shareholders’ equity per books at the beginning and end of the tax year. It also includes schedules to reconcile book income or loss with federal income per return and analyze changes in unappropriated retai
What you'll need
To complete the form, have the following information from the corporation’s books:
- FEIN.
- Beginning-of-year and end-of-year balances for assets, liabilities, and shareholders’ equity.
- Net income or loss per books, federal income tax per books, and the income and deduction differences listed in Schedule M-1.
- Beginning and ending unappropriated retained earnings, distributions, and other increases or decreases for Schedule M-2.
Schedule L calls for attached statements for other current assets, other investments, other assets, other current liabilities, other liabilities, appropriated retained earnings, and adjustments to shareholders’ equity.
Common mistakes
- Do not overlook the note that the corporation may be required to file Schedule M-3. The form says to see the instructions, but those instructions are not provided here.
- Do not omit statements where Schedule L says “attach statement.”
- Do not skip the itemized details requested for income and expense differences in Schedule M-1 or other increases and decreases in Schedule M-2.
Questions people ask
What does Schedule L report?
Schedule L reports the corporation’s balance sheets per books, including assets, liabilities, and shareholders’ equity at the beginning and end of the tax year.
What is Schedule M-1 for?
Schedule M-1 reconciles income or loss per books with federal income per return. It includes entries for federal income tax per books and differences between book income or expenses and amounts on the return.
What does Schedule M-2 track?
Schedule M-2 analyzes unappropriated retained earnings per books, identified as line 25 of Schedule L. It includes the beginning balance, net income or loss, other increases, distributions, other decreases, and the ending balance.
Does the form mention Schedule M-3?
Yes. A note says the corporation may be required to file Schedule M-3 and directs readers to the instructions. The supplied form text does not explain when that requirement applies.