Which of the following statements is false?

• A. 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.
• B. A corporation cannot deduct net capital losses against its operating income.
• C. A C corporation with a taxable income of $100,000 in the current year will have a tax liability of $21,000.
• 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.

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