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Balance sheet

Enter information for Schedule M-3

Complete the
M3
 screens and the
8916A
 screen in the Balance Sheet folder. When you enter data in the 2nd
M3
 screen, enter positive amounts in the
Income (Loss) per Income Statement
 column if it's an income amount, and negative amounts if it's a loss amount (unless otherwise noted). When you enter data in the 3rd
M3
 screen, positive amounts are usually entered in the
Expense per Income Statement
 column, but this depends on the particular account. Some special circumstances noted in the Schedule M-3 instructions are also noted with instructional text in the 2nd and 3rd
M3
 screens. Depending on the nature of the difference, each account may have either a temporary or permanent difference. Enter them according to the adjusting entry made on the taxpayer's books.
For the
8916A
 screen, positive amounts are usually entered in the
Expense per Income Statement
 column. Enter positive amounts in the
Income (Loss) per Income Statement
 column and negative amounts if it's a loss amount.
If filing a consolidated S or C Corporation return, enter
X
 in the
Member of a consolidated return required to file Schedule M-3
 field in the 1st
M3
 screen for each member client, including the eliminations client. Complete the remaining fields on this screen in the consolidated client only. Complete the 2nd and 3rd
M3
 screens in full by each of the member clients. The information entered in the 2nd and 3rd
M3
 screens for each member is visible in the consolidated client via the Group View window.

This article applies to:

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