Any domestic corporation or group of corporations required to file Form 1120, U.S. Corporation Income Tax Return, that reports on Form 1120, Schedule L, Balance Sheets per Books, total assets at the end of the corporation’s tax year that exceed $10 million must complete and file Schedule M-3 instead of Schedule M-1, Reconciliation of Income per Return.
A corporation filing a non-consolidated Form 1120 that reports on Schedule L total assets that equal or exceed $10 million must complete and file Schedule M-3 instead of Schedule M-1 and must check box (1) Non-consolidated return, at the top of page 1 of Schedule M-3.
Any U.S. consolidated tax group consisting of a U.S. parent corporations listed on Form 851, Affiliations Schedule, required to file Form 1120, that reports on Schedule L total consolidated assets at the end of the tax year that exceed $10 million must complete and file Schedule M-3 instead of Schedule M-1 and must check box (2) Consolidated return (Form 1120 only), or box (3) Mixed 1120/L/PC group, as applicable, at the top of page 1 of Schedule M-3.
A U.S. corporation filing Form 1120 that is not required to file Schedule M-3 may voluntarily file Schedule M-3 instead of Schedule M-1.
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