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Describe the diffferences between financial statement income and taxable income?
Wiki User
∙ 9y ago
There is some difference in financial statement income as well as taxable income as in financial statement income there are items which are not allowed by tax authorities and main item is depreciation. Other factors are that tax is deducted on income which is received while in financial statement income included revenue which is not received or accrual items that needs to be adjusted as well that's why financial statement income and taxable income is not same.
Wiki User
∙ 9y ago
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