Section $2$: Schedules K$2$ and K$3$

Question $4$ of $5.$

What is the purpose of the domestic filing exception? To exempt $\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_$ from being required to report certain international tax items.

Pass$-$through entities with more than $500$ partners or shareholders.

Businesses that are based outside the United States.

Businesses with no or limited foreign activity.

Pass$-$through entities with net assets of less than $$1$ million.

Mark for follow up