Which of the following statements is false?

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

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

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

D. 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.

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