Income taxes for financial accounting purposes are apportioned to each of the following items except

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Quizplus · Accepted Answer

Income taxes are apportioned to all items that affect taxable income, including extraordinary gains and losses, discontinued operations, and prior period adjustments. However, income taxes are not apportioned to other revenues and expenses because they may not have a direct impact on taxable income.

Income Taxes for Financial Accounting Purposes Are Apportioned to Each