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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is a permanent difference? Give two examples of revenues that are recognized under GAAP for financial reporting purposes but are never taxable.

To determine

Explain the term permanent difference and provide two examples of revenues recognized by GAAP for financial reporting purposes that are never taxable.

Explanation

Permanent Difference: Permanent difference refers to those differences that are caused by the transactions and events that exist under the law, which will never affect taxable income or taxes payable...

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