Printable Form 1120 (Schedule M-3) Nassau New York 2019-2025

Printable Form 1120 (Schedule M-3) Nassau New York: What You Should Know

A corporation is subject to a 30% maximum deduction on book income subject to the following conditions:  (1) The corporation's business is in any of the following:  (a) The production of tangible personal property;  (b) The development, manufacture, alteration, maintenance or repair of tangible personal property, or the making of tangible personal property available for personal or business use;  (c) The manufacture, processing, processing, distribution or use of products for industrial, commercial or medical purposes; or (2) At least 50% of the corporation's gross receipts (or its total assets at the end of the year) were attributable solely to: (a) The production of tangible personal property; or (b) The development, manufacture, alteration, maintenance or repair of tangible personal property, or the making of tangible personal property available for personal or business use, subject to the following conditions: The corporation's books and records will be examined for all book income subject to the 25% maximum deduction. (3) The corporation made no sales or dispositions of its tangible personal property in the twelve-month period ending with the due date of its return. (See  Form 1120 — Open Source Matters, page 18). (Note: See also  Schedule M-1 — Net Assets at Year-End) OMB Number:2 (4) The corporation's book income for the taxable year was less than 6,000.00 for all taxpayers. If more than one taxpayer, each taxpayer listed in column 1, has the same book income, only the lowest book income may be claimed. See  Schedule M-2 for details. OMB Number:8 (5) For the 2025 taxable year, at least 50% of all income attributable to the production of tangible personal property was made in one or more foreign countries.

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