Question: A partnership must complete Schedules L , M - 1 , and M - 2 when: These schedules are required for every partnership return. Total

A partnership must complete Schedules L, M-1, and M-2 when:
These schedules are required for every partnership return.
Total receipts exceed $250,000 for the year.
Total assets are less that $1 million at the end of the tax year.
Total assets exceed $250,000 for the year.

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