Question: There is a book-tax difference between the depreciation amount that is reported for GAAP (financial accounting) and US federal income taxes (tax accounting) because tax

There is a book-tax difference between the depreciation amount that is reported for GAAP (financial accounting) and US federal income taxes (tax accounting) because tax depreciation deductions under the Modified Accelerated Cost Recovery System (MACRS) are accelerated as compared to financial depreciation deductions. True False

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