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Scott and Jeff discuss the creation of schedule M3 with Lillian Mills, Dean of the McCombs School of Business at the University of Texas at Austin. Lil was instrumental in the creation of schedule M-3, which is form filed with the IRS that reconciles taxable income to financial accounting income.  We talk about the opportunities that exist for academics, policymakers, and regulators to work together, and the unique environment that led to the creation of the M3. We also discuss some recent policy proposals that would impose tax on financial accounting income.