All of the following are examples of situations that may create temporary book-tax differences except ________. Group of answer choices writing off bad debt receipt of municipal bond interest amortization of goodwill installment sales
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- Which of the following is not a tax preference or adjustment item for the individual alternative minimum tax computation? a. Depreciation of certain assets b. State income taxes c. State income tax refunds d. Private activity bond intereste. e. All of the above are adjustments or tax preference itemsAll of the following are examples of facts that may create temporary book-tax differences except ________. Group of answer choices depreciation contingent liabilities product warranty costs payment of premiums for life insuranceA temporary difference which would result in a deferred tax asset is A. Interest revenue on municipal bondsB. Accelerated depreciation for tax but straight line for accountingC. Tax penalty or surchargeD. Expenses deducted from accounting income but not deductible for tax purposes
- for each has Ashley listed below indicate whether that item is a permanent difference or temporary difference. For transactions identified as temporary differences indicate whether they will create a deferred tax asset or a different tax liability. Choose from the following options: Type of difference: temporary, permanent Deffered Tax Classification: DTA, DTL, neither Advance rental receipts estimated future warranty costs installment sales excess tax depreciation over book depreciation long-term construction contracts premiums paid on life insurance of officersWHAT ARE THE BASIC PRINCIPLES OF A SOUND TAX SYSTEM? HOW ARE THE GOVERNMENT SHOWS THAT SUCH BASIC PRINCIPLES WERE APPLIED IN THE CURRENT TAX SYSTEM WHAT ARE THE DIFFERENCES AND SIMILARITIES OF THE APPLICATION OF OPTIONAL STANDARD DEDUCTION BETWEEN CORPORATION AND INDIVIDUAL? WHAT IS SPECIAL ALLOWABLE ITEMIZED DEDUCTION? IS IT APPLICABLE TO RESIDENT FOREIGN CORPORATION? GIVE 1 EXAMPLE. WHAT IS NET OPERATING LOSS CARRY OVER? CAN IT BE APPLIED TO QUARTERLY INCOME TAX RETURN?An income tax is an example of which of the following?a. Derived tax revenue.b. Imposed nonexchange revenue.c. Government-mandated nonexchange revenue.d. Voluntary nonexchange transaction
- A temporary difference that would not result in a deferred tax asset but not a permanent difference? a. accrual of commission income. b. excess of financial depreciation over tax depreciation. c. interest revenue on government bonds. d. accrued warranty expense.A temporary difference that would not result in a deferred tax asset but not a permanent difference? accrual of commission income. interest revenue on government bonds. excess of financial depreciation over tax depreciation. accrued warranty expense.Provide one example of temporary differences that create a deferred tax asset and one example of a deferred tax liability (500)
- a) Explain the difference between pretax financial income and taxable income. b) What are the two objectives of accounting for income taxes? c) Interest on governmental bonds is often referred to as a permanent difference when determining the proper amount to report for deferred taxes. Explain the meaning of permanent differences, and give two other examples. d) Explain the meaning of a temporary difference as it relates to deferred tax computations, and give four examples. e) Bridgeton Company started its operations at the beginning of 2018. The following information relates to its operations for the year. The differences between the 2018 income statement and tax return are listed below: Fines incurred for pollution violations of $7,320 were deducted in computing pretax financial income. Warranty expense accrued for financial reporting purposes amounts to $15,910. Warranty deductions per the tax return amount to $8,730. Interest revenue earned on an investment in tax-exempt bonds…Which of the following is a deductible California expense subject to a 2% of adjusted gross income limitation? Adoption-related expense. Casualty and theft losses. Gambling losses. Tax preparation fees.Which of the following tax remedies is both beneficial to the government and taxpayer? a. Tax lien b. Compromise C. Injunction D. Forfeiture