Discuss accounting and Tax treatment of R&D under GAAP & ITAA? Please provide it in the form
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Discuss accounting and Tax treatment of R&D under GAAP & ITAA?
Please provide it in the form of table (like in given image) as well as explanation.
It should be noted, looking at table 12.1, that the different treatment of some revenues and expenses for taxation and accounting give rise to two categories of differences between taxable and accounting profit.
Permanent differences that will never reverse Some revenues may never be taxed (e.g, government grant). Some expenses may never be allowed as a deduction (e.g. entertainment expenses, fines. goodwill impairment)
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