Which of the following statements regarding Schedule M-3 is false?

Multiple Choice

a-Schedule M-3 replaces Schedule M-1 for all corporations for tax years beginning after December 31, 2004.

b-The IRS developed Schedule M-3 with the goal of increasing transparency between reported net income for financial accounting purposes and reported net income for tax purposes.

c-Schedule M-3 reports the temporary versus permanent characterization of book-tax differences.

d-Part I of Schedule M-3 reconciles worldwide financial statement net income to the financial statement net income of those corporations permitted to be included in the U.S. consolidated tax return group.