Question: If a firm has a permanent difference between book income and taxable income for the year, but NO (change in) temporary differences for the year,

If a firm has a permanent difference between book income and taxable income for the year, but NO (change in) temporary differences for the year, then A. tax expense on book income would be the same as the statutory rate

B. tax expense must exceed the tax payable for the year.

C. the tax payable must exceed the tax expense for the year.

D. tax expense would equal the tax payable for the year.

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