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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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Give two examples of permanent differences that are caused by expenses that are recognized under GAAP for financial reporting purposes but are never deductible for income tax purposes.

To determine

State two examples of permanent differences that are affected by expenses recognized under GAAP for financial reporting purposes but are never deducted for income tax purposes

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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