Question

Both Schedules M-1 and M-3 require taxpayers to identify book-tax differences as either temporary or permanent. T/F

Answer 1

The correct answer is False.

Step-by-step explanation:

Schedule M-1 is required when the gross income of corporations or their total assets at the end of the year is greater than $ 250,000.

Schedule M-3 asks certain questions about the financial statements of the corporation and reconciles the net income (loss) of the financial statements for the corporation (or group of consolidated financial statements, if applicable).