Must a corporation complete all parts of Schedule M-3 for any taxable year the corporation is required to file Schedule M-3?
A. Yes. However, a corporation is required to complete only Part I and Columns (b) and (c) of Parts II and III for the corporation’s transition year (the first taxable year the corporation is required to file Schedule M-3). Columns (a) and (d) of Parts II and III are optional for the corporation’s transistion year. The corporation must complete Schedule M-3 in its entirety for all other taxable years the corporation is required to file Schedule M-3.
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?
- Must a corporation complete all parts of Schedule M-3 for any taxable year the corporation is required to file Schedule M-3?
- May a corporation that attaches Schedule M-3 to its Form 1120 also complete Schedule M-1?
