Schedules M$-1$ and M$-3$ for Form $1065$ are required when:

The partnership's total receipts exceed $$250,000$ for Schedule M$-1,$ or for Schedule M$-3,$ $$35$M$.$ Or when total assets at year's end exceed $$1$M for Schedule M$-1,$ or total assets or adjusted assets at the end of the year exceed $$10$M for Schedule M$-3.$

A partner in the partnership which is an entity owns directly or indirectly less than $50\%$ of the partnership's capital, profit, or loss.

Schedules K$-1$ are filed and provided to the partners on or before the due date of the return $($including extensions$).$

The partnership's total receipts exceed $$500,000$ for Schedule M$-1,$ or for Schedule M$-3,$ $$10$M$.$ Or when total assets at year's end exceed $$1$M for Schedule M$-1,$ or total assets or adjusted assets at the end of the year exceed $$10$M for Schedule M$-3.$