1120-US: Entering financial statement income for Schedule M-3, Page 1 (FAQ)

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If financial statements were prepared for the taxpayer, the net income (loss) from the financial statements should be entered in the Worldwide consolidated net income (loss) from income statement source (Force) field in the first M3 screen. (Use the Non-consolidated net income (loss) from income statement source (Force) field for a foreign corporation.) If this field is blank, UltraTax CS defaults to the net income (loss) per income statement on the Reconciliation totals line on Part II, column A, if calculated.


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