1.A corporation must affirmatively elect to be taxed as a Subchapter S Corporation.

True

False

2.Generally, items of income and expenses are the same for a C corporation as for an S corporation.

True

False

3.Schedule M-C-1 for Form 1120S is also a reconciliation between income for books and income for sales.

True

False

4.Schedule L is a beginning and ending balance sheet in accordance with financial accounting method.

True

False

5.Schedule M-4, is a comprehensive book/tax reconciliation, is using for large corporations.

True

False