Which of the following regarding Schedule M-1 and Schedule M-3 of Form 1120 is false? Multiple Choice In general, smaller corporations are required to complete Schedule M-1 while larger corporations are required to complete Schedule M-3. Schedule M-3 lists more book-tax differences than Schedule M-1 Both Schedules M-1 and M-3 reconcile to a corporation's bottom line taxable income Schedule M-1 does not distinguish between temporary and permanent book-tax differences whereas Schedule M-3 does