What is the difference between permanent and temporary book-tax differences?
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Permanent booktax differences arise from items that are income or deductions during the year for either book purposes or for tax purposes but not both Permanent differences do not reverse over time so over the long run the total amount of income or deductions for the items is different for book and tax purposes In contrast temporary booktax differences are those booktax differences that reverse over time such that over the longterm corporations recognize the same amount of income or deductions for the items on their financial statements as they recognize on their tax returns Temporary booktax differences arise because the income or deduction ...View the full answer
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Related Book For
Taxation Of Individuals And Business Entities 2015
ISBN: 9780077862367
6th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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