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Balance sheet

File Schedule M-3

Corporate filers that report total assets at the end of the tax year greater than or equal to $10 million on Schedule L need to file Schedule M-3 instead of Schedule M-1. Corporations filing Schedule M-3 shouldn't file Schedule M-1. A corporation that doesn't need to file Schedule M-3 can file it voluntarily.
If total assets at the end of the year equal less than $50 million, the corporation can file Schedule M-1 instead of Schedule M-3. If you want UltraTax CS to complete the Schedule M-1, select
Setup
,
1120 Corporation
,
Federal
,
Other Return Options
, then the
Return Presentation
 tab and mark the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 million
 checkbox.
To set this option on an individual return basis, mark the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
 field on the M3, M3F, or M3S screen. UltraTax CS disables this field if you've already marked the checkbox located at
Setup
,
1120 Corporation
, the
Federal
 tab,
Other Return Options
, then the
Return Presentation
 tab. You'll also need to enter data in either the Mc or Ms screen in the Balance Sheet folder.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1120 Corporation
  • Subject: balance-sheet-m1-m3
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