Is the Schedule M-3 included in A’s separate return considered A’s first Schedule M-3 for purposes of completing columns (a) and (d) of Parts II and III?
A. No. A corporation only gets one pass on completing columns (a) and (d) of Parts II and III. Because A has filed a prior tax return that was required to include Schedule M-3, the tax year 7/1/05-12/31/05 is considered A’s second tax year subject to Schedule M-3 and A must complete Schedule M-3 in its entirety.
Related Questions
- Is the tax year 7/1/05-12/31/05 considered the first tax year this entity is required to file Schedule M-3 for purposes of completing columns (a) and (d) of Parts II and III?
- Is the Schedule M-3 included in A’s separate return considered A’s first Schedule M-3 for purposes of completing columns (a) and (d) of Parts II and III?
- Is this short period return considered a tax year for Schedule M-3 purposes?
