Schedule M-1 of Form 1120 is used to reconcile financial net income with taxable income reported on the corporation's Income tax return as follows: net income per books + additions - subtractions = taxable income. Which of the following items is a subtraction on Schedule M-1? a. Proceeds on key employee life insurance. Ob. Excess of capital losses over capital gains. Oc. Book depreciation in excess of tax depreciation. Od. Income subject to tax but not recorded on the books