1.The Schedule M-3 is a comprehensive book/tax reconciliation for large corporations.

True

False

2.Completion of Schedule L is required of all corporations.

True

False

3.Schedule M1 reconciles book income to taxable income.

True

False

4..A corporations depreciation expense is lower on the financial statements than it is on the tax return. Would this difference be a negative or positive item on Schedule M1?

Positive

Negative

Positive and Negative

5.Subchapter S corporations are regular corporations that affirmatively elect to be taxed in a manner similar to a partnership.

True

False