Which of the following statements is correct regarding the taxation of C corporations?
a. Schedule M-2 is used to reconcile net income computed for financial accounting purposes with taxable income reported on the corporation’s tax return
b. The corporate return is filed on Form 1120S
c. Corporations can receive an automatic extension of nine months for filing the corporate return by filing Form 7004 by the due date for the return
d. A corporation with total assets of $7.5 million or more is required to file Schedule M-3 e. None of these

e

Explanation:

Non of these are correct

The corporate level is where c corporations first pay tax. Taxes are not paid on every dollar earned. Instead expenses made as operating expenses are deducted by c corporations from revenues, reducing the taxable income of the business.

Also, in a C Corporation, shareholders get taxed if the company distributes dividends to them. When the corporation pays dividends, shareholders pay tax on these dividends. This causes double taxation on some shareholders. if a C Corporation makes profit and dividends are distributed to shareholders then there will be cases of double double taxation.

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explanation: