Which of the Following Regarding Schedule M-1 and Schedule M-3

Which of the following regarding Schedule M-1 and Schedule M-3 of Form 1120 isfalse?

A) Both Schedules M-1 and M-3 reconcile to a corporation's bottom line taxable income.
B) Schedule M-1 does not distinguish between temporary and permanent book-tax differences whereas Schedule M-3 does.
C) In general, smaller corporations are required to complete Schedule M-1 while larger corporations are required to complete Schedule M-3.
D) Schedule M-3 lists more book-tax differences than Schedule M-1.

Correct Answer:

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