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1 5.3% income from this return (from Form 1-NR/BY, line 12). ... 4 Interest exemption used (from Form 1-NR/BY, enter the smallest of line 7a or line 7b).

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What is Schedule L?

Schedule L is a form used to report certain financial information about a corporation or partnership.

Who is required to file Schedule L?

Corporations or partnerships with total assets of $250,000 or more at the end of the tax year are required to file Schedule L.

How to fill out Schedule L?

Schedule L must be completed with accurate financial information including total assets, total liabilities, and other specified details.

What is the purpose of Schedule L?

The purpose of Schedule L is to provide the IRS with a snapshot of the financial position of a corporation or partnership.

What information must be reported on Schedule L?

Information such as total assets, total liabilities, and certain financial details must be reported on Schedule L.