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Old 06-27-2008, 11:19 PM
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IRS Issues Final Versions of 2007 Form 1120-F and New Schedule M-3 (1120-F)

IRS Issues Final Versions of 2007 Form 1120-F and New Schedule M-3 (1120-F)
The Internal Revenue Service has recently stated that "Taxpayers with $10 million or more in total reportable assets filing Form 1120-F for tax years ending on or after Dec. 31, 2007 will be required to file Schedule M-3."

In addition, to the above requirements, the following changes are now in place as follows;

1. Schedules M-1 and M-2, previously included in Form 1120-F, are now separate forms.

2. Schedule M-1, Reconciliation of Income (Loss) per Books with Income per Return is used by corporations with assets under $10 million.

3. Schedule M-2, Analysis of Unappropriated Retained Earnings per Books, is used by all asset size corporations.

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