Calculating Schedule M-1 in lieu of Schedule M-3 (1120)

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To calculate Schedule M-1 in lieu of Schedule M-3 when total assets at the end of the year are less than $50 million, follow this procedure. If you do not follow the procedure, UltraTax CS calculates Schedule M-3 if assets at the end of the year equal or exceed $10 million.

  1. Choose Setup > 1120 Corporation.
  2. In the Federal tab, click the Other Return Options button.
  3. In the Return Presentation tab, 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 applicable data in either Screen Mc or Screen Ms in the Balance Sheet folder to complete Schedule M-1.

Notes

  • This option applies to all corporations filing Form 1120, 1120-C, 1120-F or 1120S.
  • When this option is marked, Schedule B (Form 1120) and Form 8916-A will not print.
  • Schedule M-3, Page 1 will still print when this option is marked.
  • To set this option on a client-by-client basis, mark the Complete Schedule M-1 in lieu of Schedule M-3 field in Screen M3, M3F or M3S. These fields are not available to mark if the checkbox in the Setup > 1120 Corporation > Federal tab > Other Return Options > Return Presentation tab is marked.

Related topic: UltraTax/1120 procedures

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