Final answer:
A corporation will be required to file Schedule UTP if its assets exceed $10 million and meet certain criteria.
Step-by-step explanation:
A corporation will be required to file Schedule UTP if its assets exceed $10 million and meet certain criteria. Schedule UTP (Uncertain Tax Position) is an annual reporting requirement for corporations that have uncertain tax positions. Uncertain tax positions are situations where the corporation has taken a position on its tax return that could be challenged by the tax authorities.
Schedule UTP must be filed if the corporation's assets exceed $10 million and it has one or more uncertain tax positions that meet certain criteria. This reporting requirement is designed to promote transparency and provide the IRS with information about potential tax issues.