mdmom Posted February 15, 2017 Report Share Posted February 15, 2017 Our company is based in Maryland and I'm filling out the Form 1 and balance sheet. We disposed of an asset that was purchased in 2010 for $433. On the form 4c, I'm putting we disposed of the depreciated value of $271. My question is on the form 1, should I subtract the original amount from the table? Or will form 1 just not balance with the balance sheet after this. Either way it doesn't even matter, we don't pay taxes as a nonprofit doing business in a tax exempt city in Maryland. But we are required to submit it any way! Thanks!!! Quote Link to comment Share on other sites More sharing options...
Abby Normal Posted February 15, 2017 Report Share Posted February 15, 2017 You remove the original cost from the table and show the original cost on the 4C as a disposal. 4C needs to reconcile to 4B and it should also match the table on Form 1. Quote Link to comment Share on other sites More sharing options...
mdmom Posted February 15, 2017 Author Report Share Posted February 15, 2017 Thanks!! Quote Link to comment Share on other sites More sharing options...
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