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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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Identify the three groups of possible differences between pretax financial income and taxable income (or between income tax expense and income taxes payable).

To determine

Determine the three categories of possible differences between pre-tax financial income and taxable income.

Explanation

Taxable Income: The amount of adjusted gross income that is liable to be taxed is known as taxable income.

The three categories of possible differences between pre-tax financial income and taxable income are as follows:

  • Permanent differences: The revenue or expense reported by companies for financial accounting purposes in one period but never reports for income tax purposes...

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