Answered: Accounting profit may include income or…

Accounting profit may include income or expenses that are not included in the taxable profit, and therefore accounting profit is not equal to taxable profit. O a. False O b. True

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter2: The Deduction For qualified Business Income For Pass-through Entities

Section: Chapter Questions

Problem 9DQ

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Concept explainers

Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.

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Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!Please do not rely too much on chatgpt, because its answer may be wrong. Please consider it carefully and give your own answer. You can borrow ideas from gpt, but please do not believe its answer.Very very grateful!

Accounting profit may include income or expenses that are not included in the taxable profit, and
therefore accounting profit is not equal to taxable profit.
O a. False
O b. True

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