Printable Form 1120-S (Schedule M-3) Maine 2019-2025

Printable Form 1120-S (Schedule M-3) Maine: What You Should Know

Schedule M-3 (Form 1120): (See page 13 and Part 6.) SECTION 444 ELECTION. TERMINATED.” (a) General. The election of the S corporation is irrevocable. If the S corporation failed to make the election in connection with section 444 of the Internal Revenue Code as it applies to small corporations, the corporation may not make the election for any tax year beginning on or after March 29, 2017. (b) Required Form. If the election is made on Form 1120, it must be completed on an original or certified copy. Effect of election. The election affects each section and all applicable adjustments. For more information, see section 444(g)(2)(B). (d) Election date. The election must be made in connection with any tax year beginning after March 29, 2017, and before November 23, 2018. (e) Notice to shareholders. A notice of the election, on each return of tax made by the S corporation, must be given to each shareholder at least 30 days prior to the effective date of the election, unless the notice is delayed for good cause. Form 1120 ME (a) General. The corporation is authorized to issue a number of shares of stock (including preferred stock), in the corporation that is (a) the least of (1) 90% of the number of shares of the class of stock in issued and outstanding form of the corporation on March 29, 2017, or (2) the excess (if any) of (A) the total number of shares of the class of stock as of such date over (B) 60% of the total number of shares of the class of stock outstanding at such date multiplied by (3) a fraction that adds up to 2% (4) of the total number of shares of the class of stock outstanding on March 29, 2017, in excess of 10% of the total number of shares of the class of stock outstanding, multiplied by (5) a fraction that adds up to 2% (6) of the total number of shares of the class of stock outstanding at such date multiplied by (7) a fraction that adds up to 2% (i.e., (8) the fraction of the total number of shares outstanding at March 29, 2017, that is equal to (9)(10) 2.00 rounded to the nearest cent; (b) Class of Stock.

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