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. note
This option applies to all 1120, 1120-C, 1120-F, and 1120-S clients.
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.
