ID Form 1120 (Schedule M-3) 2019-2025

ID Form 1120 (Schedule M-3): What You Should Know

G. For refunds under section 6045(a) of the Internal Revenue Code or refundable credits under section 3021). Net income (loss): The greatest of its actual net income or net income as determined by the corporation under section 1251, minus the corporation's tax liability for the year, or, if the corporation had a net income for the taxable year that was greater than its total assets, minus total assets (or, if the corporation had no assets, its total liabilities), plus or minus any net income refund, or, if the corporation made a net capital gain in the taxable year, minus any capital gain refund. Net assets: The total of any corporation's gross receipts and its net assets in the year. (Note: The computation of net assets will be done after the corporation does its first taxable year. Also, under certain circumstances, net assets and net income are calculated as if these were the corporations' first two taxable years, because their net income is their first two taxable years — see Rev. Pro. 2016-20 (16) and (17) (5).) Net Assets: The amount in millions of dollars of any property and assets held for investment, for temporary use, or for sale, either immediately or temporarily. ▷ Go to for the definition  of net assets. OMB No. . Net assets (Loss) for 2025 and the current year.  Note:  a. If the corporation is filing Form 1120, Schedule F, and it received a refund under section 6045 of the Internal Revenue Code, the tax withheld under section 6045, as shown on the return, is considered a credit for 2025 only. The corporation must enter a zero in the net assets (loss) column on line 23a and this number will apply whether refunds are received. You must remove the zero in the net assets (loss) column from the results. b.

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