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Which of the following statements is incorrect regarding the taxation of C corporations? a. Schedule M-1 is used to reconcile net income computed for financial

Which of the following statements is incorrect regarding the taxation of C corporations? a. Schedule M-1 is used to reconcile net income computed for financial accounting purposes with taxable income reported on the corporations tax return. b. The corporate return is filed on Form 1120. c. Corporations can receive an automatic extension of six months for paying the amount due by filing Form 7004 by the due date for the return. d. A corporation with total assets of $10 million or more is required to file Schedule M-3

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