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Balance sheet

Calculate Schedule M-1 instead of Schedule M-3

Follow these steps to calculate Schedule M-1 instead of Schedule M-3 when total assets at the end of the year equal less than $50 million.
note
If you don't follow these steps, UltraTax CS calculates Schedule M-3 assets if total assets at the end of the year equal or exceed $10 million.
  1. Select
    Setup
    , then
    1120 Corporation
    .
  2. Select the
    Federal
     tab, then
    Other Return Options
    .
  3. Select 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.
  4. Enter the data on either the
    Mc
     screen or
    Ms
     screen in the Balance Sheet folder to complete Schedule M-1.
    note
    • This option applies to all corporations filing Form 1120, 1120-C, 1120-F, or 1120-S.
    • Schedule B (Form 1120) and Form 8916-A won't print with this option. Schedule M-3, Page 1, will still print.
    • To set this option on a client-by-client basis, mark the
      Complete Schedule M-1 in lieu of Schedule M-3
       field in the M3, M3F, or M3S screen.

This article applies to:

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

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