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Balance sheet

Schedule M-3 and Form 8916-A automatic calculations

UltraTax CS calculates income statement and tax amounts automatically. This includes temporary and permanent differences. Schedule M-3 is complex, so you should review the return and update it as necessary.
An asterisk marks fields with default calculations. Enter an amount or zero in the field to override a calculation.
Schedule M-3
  • Income statement gain (loss) on sale of assets other than inventory and pass-through entities
  • Gross capital gains from Schedule D, excluding amounts from pass-through entities
  • Gross capital losses from Schedule D, excluding amounts from pass-through entities
  • Net gain (loss) reported on Form 4797, line 17
  • Utilization of capital loss carryover from prior years (Not applicable for S Corporations)
  • Disallowed capital loss in excess of capital gains (Not applicable for S Corporations)
  • U.S. current income tax expense (Not applicable for members of a consolidated C or S Corporation)
  • State and local income tax expense (Not applicable for members of a consolidated C or S Corporation, or foreign corporation)
  • Meals and entertainment expenses from all activities, other than Form 1125-A
  • Charitable contributions (Not applicable for S Corporations)
  • Charitable contribution limitation or carryforward (Not applicable for S Corporations)
  • Domestic production activities deduction (Not applicable for S Corporations)
  • Extraterritorial income exclusion (Not applicable for S Corporations or foreign corporations)
  • Depreciation from all activities, other than Form 1125-A
  • Credit for employer-provided childcare facilities and services
  • Credit for employer Social Security and medicare taxes paid on certain employee tips
  • Credit for increasing research activities
  • Credit for small employer health insurance premiums
  • Credit for small employer pension plan startup costs
  • Credit to holders of tax credit bonds
  • Disabled access credit
  • Empowerment zone and renewal community employment credit, not allocated to cost of labor on Form 1125-A
  • Energy efficient home credit
  • Income from alcohol fuel credit
  • Income from biodiesel fuel credit
  • Indian employment credit, not allocated to cost of labor on Form 1125-A
  • Low-sulfur diesel fuel credit
  • Orphan drug credit
  • Work opportunity credit, not allocated to cost of labor on Form 1125-A
  • Credit for employer differential wage payments, not allocated to cost of labor on Form 1125-A
  • Other items with no differences
  • Rounding adjustment, if applicable
Form 8916-A
  • Meals and entertainment expenses from Form 1125-A
  • Depreciation from Form 1125-A
  • Wage Reduction for employment credits allocated to cost of labor on Form 1125-A
  • Other items with no differences
note
The taxable income calculated on the
Reconciliation totals
 line in Part II, column
(a)
 should equal the taxable income of the corporation. If it doesn't, UltraTax/1120 generates a message for the return.

This article applies to:

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

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