Hi Akalsi!  
Thank you for your question, which goes not just to Cannot Be True questions, but to conditional reasoning overall. Let's consider a simple example: 
"If A then B." 
We would diagram this relationship as 
A 
 
   
  
 B
and the contrapositive is 
B  
   
   A
 A. 
Remember that it is only the sufficient condition that shows us anything. In the case of this original relationship and the contrapositive, our two sufficient conditions are A and 
B. The two necessary conditions, B and 
A, don't show us anything. 
So, in a Mistaken Reversal, the error is in saying that because we have B, then we 
must have A. That's treating the necessary condition, B, as if it were a sufficient condition. B can't show us 
anything definitive about A, which means it can't show us that A must be present. It also can't show us that A must be 
absent. Since B can't show us anything definitive about A, then the presence or absence of A is up in the air. It's a Could Be True. The only reason a Mistaken Reversal is a "mistake" is that it treats a Could Be True ("If B then A might be present, but we don't actually know") as if it were a Must Be True ("If B then A must be present"). 
And the same thing goes for a Mistaken Negation. Remember that 
A is only properly a necessary condition, found in the contrapositive 
B  
   
   A
 A. Since 
A is a necessary condition, it can't show us anything, just like B could not show us anything. 
So, in a Cannot Be True question, a Mistaken Reversal or a Mistaken Negation is incorrect because it is a Could Be True. 
Please let me know if I can be of further assistance. 
Thanks, 
Ron