A Partnership must complete Schedules L$,$ M$-1,$ and M$-2$ when:

$1.$ These schedules are required for every partnership return.

$2.$ Total receipts exceed $$250,000$ for the year.

$3.$ Total assets are less than $$1$ million at the end of the tax year.

$4.$ Total assets exceed $$250,000$ for the year.