5) Which of the following statements is NOT correct regarding permanent differences? A. Permanent differences result from items that enter into pretax financial income but never into taxable income. B. Permanent differences result from items that enter into taxable income but never into pretax financial income. C. Permanent differences affect only the period in which they occur. D. Permanent differences result in the recognition of deferred tax.
5) Which of the following statements is NOT correct regarding permanent differences? A. Permanent differences result from items that enter into pretax financial income but never into taxable income. B. Permanent differences result from items that enter into taxable income but never into pretax financial income. C. Permanent differences affect only the period in which they occur. D. Permanent differences result in the recognition of deferred tax.
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter3: Taxes On The Financial Statements
Section: Chapter Questions
Problem 8P
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(5) Which of the following statements is NOT correct regarding permanent differences?
A. Permanent differences result from items that enter into pretax financial income but never into taxable income.
B. Permanent differences result from items that enter into taxable income but never into pretax financial income.
C. Permanent differences affect only the period in which they occur.
D. Permanent differences result in the recognition of
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