If the gross income is over $250K than you will state yes on Sch B Q.8. IF this is the case than you are required to complete Sch L and M
What importance is the "And Assets" in the question for #8
What importance is the "And Assets" in the Sch B Q.8
It is to ensure that an entity with less than $250K in gross receipts but atleast $250K in assets also files Sch L and Sch M.
IRS wants to track balance sheet of entities with either greater than $250K in receipts or $250K in assets.