_________________________________ arise from items that are income or deductions during the year for either book or...
_________________________________ arise from items that are income or deductions during the year for either book or tax purposes but not both. These do not reverse over time, so the total amount of income or deductions for the items is different.
| A. |
Permanent book-tax differences. |
|
| B. |
Temporary book-tax differences. |
|
| C. |
Similar book-tax differences. |
|
| D. |
None of the above. |
Homework Answers
Answer
--Correct Answer = Option 'A' Permanent Book Tax Difference
>Permanent book tax difference is that difference between book income and tax income that do not reverses back in future period.
> Such differences do not lead to the creation of Deferred Tax Liabilities (Or Assets).
Add Answer to:
_________________________________ arise from items that are
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3. Deferred tax assets and deferred tax liabilities arise from: a. Permanent differences between book and...
3. Deferred tax assets and deferred tax liabilities arise from: a. Permanent differences between book and tax income. b. Agreements between companies and the Internal Revenue Service to pay taxes currently owed on the installment basis. c. Future taxable and future deductible items, respectively. d. Future deductible and future taxable items, respectively. e. All of the above. 4. Kobo Roger Corp.'s taxable income differed from its accounting income computed for this past year. An item that would create a permanent...
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Diff Corp has the following items during the year. Indicate whether each is a temporary (T)...
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