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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?

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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?

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A. Yes. Since this is a newly formed entity for tax purposes it is the first tax year the entity is required to file Schedule M-3. Therefore, the entity is not required to complete columns (a) and (d) of Parts II and III in its first tax year.

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