Both Schedules M-1 and M-3 require taxpayers to identify book-tax differences as either temporary or permanent.
Schedule M-1 is less detailed than Schedule M-3 and does not require the taxpayer to distinguish between temporary and permanent differences.

Question

Quizplus · Accepted Answer

The statement is reversed. Schedule M-1 requires taxpayers to identify book-tax differences as either temporary or permanent, but is less detailed than Schedule M-3.

Both Schedules M-1 and M-3 Require Taxpayers to Identify Book-Tax