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Federal input screens

Screen M3 - Financial Information When Assets More Than $10 Million (1120)

Overview

Use this screen to enter information necessary to complete Schedule M-3, Part I, Financial Information and Net Income (Loss) Reconciliation.

General Information

This applies only if end-of-year assets are less than $10 million.
Schedule M-1 and page 1 of Schedule M-3 prints for all clients with total assets at the end of the year that are less than $50 million and equal or exceed $10 million, and you mark the
Complete Schedule M-1 in lieu of Schedule M-3
 field in Setup, 1120 Corporation, Other Return Options, then Return Presentation tab. Clear the field in the Return Presentation tab if you want UltraTax CS to print Schedule M-3 for these clients.
Enter
1
 in the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
 field in the M3 screen when the
Complete Schedule M-1 in lieu of Schedule M-3
 field in Setup, 1120 Corporation, Other Return Options, then Return Presentation tab is blank, but you want the Schedule M-1 to print for the current client.
Enter
2
 in the
Complete Schedule M-1 in lieu of Schedule M-3, Parts II and III
 field in the M3 screen when the
Complete Schedule M-1 in lieu of Schedule M-3
 field in Setup, 1120 Corporation, Other Return Options, then Return Presentation tab is marked, but you want the Schedule M-3 to print for the current client.
Enter
X
 in this field if the corporation is a member of a consolidated return and the consolidated group is required to file Schedule M-3. Members of a consolidated return must complete Schedule M-3, Pages 2 and 3. If this field is marked, Schedule M-3 will calculate even if assets are less than $10 million. Member clients complete the M3-2 and M3-3 screens only.
Enter
X
 in this field if the corporation is a member of a consolidated return and has no activity for the tax year because the corporation is dormant or inactive, no amount for the corporation is included in Part I, line 11, and the corporation has no amounts to report on Parts II and III. If this field is marked, the application will generate a statement with the member corporation's name and EIN that will be attached in lieu of filing a blank Schedule M-3, parts II and III for that member.

Net Income (Loss) Reconciliation

If this field is blank, the application defaults to the net income (loss) per income statement on Schedule M-3, Page 2, line 30, column (a), adjusted for amounts entered for Schedule M-3, Page 1, lines 4 through 10.
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