Corporate taxable income is based on an income statement that is similar to income statements prepared for financial reporting. It has Revenues less expenses equals income.

How is the computation for personal taxable income different from this income statement concept?

Why do you think these differences exist?

Answer rating: 100% (QA)

Types of Differences Below are the differences in computation of personal taxable income and Income Statement concept 1 Difference of Timing 2 Difference due to use of direct surplus charges and credi... View the full answer