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

question 42

Multiple Choice

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

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

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Motivation

The process that initiates, guides, and maintains goal-oriented behaviors.

Common Core

A set of educational standards in mathematics and English language arts/literacy (ELA) that outline what students should know and be able to do at each grade level.

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Benchmarks established by educational authorities to specify the knowledge and skills that students should acquire at each grade level.

Affordable Care Act

A healthcare reform legislation in the United States aimed at expanding healthcare coverage, reducing costs, and improving the quality of care.