Question: Select one financial statement item from the list below: LIFO vs. FIFO Inventory Goodwill Depreciation Compare how the accounting for the item would be treated

  1. Select one financial statement item from the list below:
    1. LIFO vs. FIFO Inventory
    2. Goodwill
    3. Depreciation
  2. Compare how the accounting for the item would be treated for accounting purposes under GAAP as documented in the FASB codification vs. treated for tax purposes under the Internal Revenue Code. Prepare a paper analyzing the key differences with references to the generally accepted accounting principles according to the FASB Codification and tax guidance, with references to the Internal Revenue Code section to support your conclusions.

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