An S corporation that has total assets of at least $5 million on Schedule L at the end of the tax year must file a Schedule M-3.

Name: An S corporation that has total assets of at least $5 million on Schedule L at the end of the tax year must file a Schedule M-3.
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An S corporation is not required to file Schedule M-3 regardless of its total assets. Schedule M-3 is generally required for C corporations and partnerships with total assets of $10 million or more.

An S Corporation That Has Total Assets of at Least