Which of the following statements about tax based shareholders' equity is NOT correct?
A) Paid up capital is the tax equivalent of contributed capital under GAAP.
B) The capital dividend account has no equivalent balance under GAAP.
C) The per share value of PUC is the same for all shareholders of a specified class.
D) While the components may be different, retained earnings will have the same value in both tax based shareholders' equity and in GAAP based financial statements.
Correct Answer:
Verified
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