Permanent differences arise due to timing differences between the corporation's pretax financial income and taxable income.

Name: Permanent differences arise due to timing differences between the corporation's pretax financial income and taxable income.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Permanent differences are caused by items that are included in either the tax return or financial statements, but never both, not by timing differences. Timing differences lead to temporary differences, not permanent ones.

Permanent Differences Arise Due to Timing Differences Between the Corporation's