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.
- SelectSetup, then1120 Corporation.
- Select theFederaltab, thenOther Return Options.
- Select theReturn Presentationtab and mark theComplete Schedule M-1 in lieu of Schedule M-3, Parts II and III when assets are less than $50 millioncheckbox.
- Enter the data on either theMcscreen orMsscreen 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 theComplete Schedule M-1 in lieu of Schedule M-3field in the M3, M3F, or M3S screen.
