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Form 1120 Schedule K Line 13 Image-5318266-10853752


Form 1120 Schedule K Line 13 576
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Form 1120 Schedule K Line 13 EmptyTue Mar 06, 2012 11:47 pm by William D McConnaughy


Form 1120 Schedule K Line 13

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William McConnaughy, CPA - Free IRS Tax Help Clinic :: Business Tax Forums :: Business Income Tax

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Form 1120 Schedule K Line 13 Empty Form 1120 Schedule K Line 13

Post  grandma505 Tue Mar 06, 2012 6:26 pm

The longer I look at this line, the more I read into it. Does the SUM of total receipts and assets have to be greater than $250,000, or do BOTH categories individually have to exceed $250,000 in answering the question??

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grandma505

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Form 1120 Schedule K Line 13 Empty Form 1120 Schedule K line 13

Post  William D McConnaughy Tue Mar 06, 2012 11:47 pm

When tax instructions read "and" it usually implies the the two things being discussed are joined together. So I read this question as the sum of the total receipts and total assets must be less than $250,000.

If IRS tax return processing feels otherwise they can let you know, in which event you will have to complete Schedules L, M-1, and M-2.
William D McConnaughy
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