If a corporation has no operations outside the United States, its GAAP book and taxable income are identical.

Name: If a corporation has no operations outside the United States, its GAAP book and taxable income are identical.
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Quizplus · Accepted Answer

Even if a corporation has no operations outside the United States, differences can still arise between GAAP book income and taxable income due to different treatment of items such as depreciation, inventory valuation, and accruals under U.S. GAAP and the U.S. tax code.

If a Corporation Has No Operations Outside the United States