83-120: Mississippi Balance Sheet Per Books (2025)
Mississippi · Mississippi DOR · Used for tax years 2025
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 reconciles book income or loss with federal income per return and reports changes in unappropriated retained earnings.
What you'll need
Have the following information ready to complete the form:
- Your federal employer identification number (FEIN).
- Beginning- and end-of-tax-year book balances for assets, liabilities, and shareholders’ equity.
- Book income or loss, federal income tax per books, and the income and expense adjustments listed in Schedule M-1.
- Beginning retained earnings, net income or loss, 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. Schedules M-1 and M-2 also ask you to itemize certain entries.
Common mistakes
Do not overlook the Schedule M-3 reminder. The form says the corporation may be required to file Schedule M-3 and directs you to the instructions. No instructions were provided here, so this text does not establish when that requirement applies.
Questions people ask
What does Schedule L report?
Schedule L reports balance sheets per books at the beginning and end of the tax year. It covers assets, liabilities, and shareholders’ equity.
What is Schedule M-1 for?
Schedule M-1 reconciles income or loss per books with federal income per return. It includes entries for income and expenses treated differently on the books and 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.
Where does the form ask for tax-exempt interest?
Schedule M-1, line 7, includes a space for tax-exempt interest under income recorded on the books this year but not included on the return.