An S Corporation That Has Total Assets of at Least

question 94

True/False

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.

---

Definitions:

Ethical

Pertaining to or dealing with morals or the principles of morality; pertaining to right and wrong in conduct.

Confidential Information

Sensitive or proprietary data that is shared under restrictions regarding its use and dissemination.

Lottery Winnings

Income or assets gained from winning a lottery, often subject to taxation.

Gift Revoked

The act of taking back or withdrawing a gift once given, under certain legal circumstances.