In the current year, Woodpecker, Inc., a C corporation with $$8,500,000$ in assets, reported amortization of $$40,000$ on its financial statements and deducted amortization of $$55,000$ on its Federal tax return.

Is Woodpecker required to file a Schedule M$3?$

No

$.$

If Woodpecker is required to file a Schedule M$3,$ the difference in amortization amounts treated on that schedule is reported on line $28,$ Part III as follows: