Which of the following statements is false?

A. A C corporation with taxable income of $100,000 in the current year will have a tax liability of $21,000.

B. A corporation cannot deduct net capital losses against its operating income.

C. Schedule M-1 is used to reconcile net income as computed for financial accounting purposes with taxable income reported on the corporation's income tax return.

D. Dividend received deduction is calculated as the dividend received times deduction percentage.

E. A corporation must file a Federal income tax return even if it has no taxable income for the year.