An S corporation that has total assets of at least $10 million on Schedule L at the end of the tax year must file a Schedule M-3.

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This statement is true according to the IRS guidelines. If an S corporation has total assets of at least $10 million on Schedule L at the end of the tax year, it must file a Schedule M-3 along with its Form 1120S tax return. The Schedule M-3 provides more detailed information on the corporation's financial statements and tax items.

An S Corporation That Has Total Assets of at Least