Reporting of nondeductible contributions on Schedule I

[mwyatt]

Have a situation where client deposited during the year amounts to a profit sharing plan in excess of 15% IRC 404 limit. For sake of argument, let's say that $50,000 was deposited during calendar year 2000, while $35,000 was actually limit when salaries for 2000 came through (guess he was in a hurry last summer to buy EToys @ $70).

Question is how handle contributions physically made during year but not yet deducted. Instructions to 1999 Schedule I say to not show contributions attributed to 1999 year in Column (a) (on form, this is "beginning of year" column). Nothing further mentioned as far as end of year asset value not including contributions not attributed to 2000 year, nor is anything mentioned in instructions for item 2a (contributions).

How would you handle this situation? Not deem advance contribution as an "asset" so only reflect amount being deducted in 2000? Show total contribution in end of year assets and employer contribution (but seems inconsistent with beginning of year assets not reflecting not-yet-deducted contributions)?

BTW, I know about 10% excise tax on nondeducted contributions - not the issue here.

Thanks for any input on this question.