Both GAAP and income tax legislation require the allocation of the cost of depreciable assets to income over several years. Briefly describe how the accounting procedures used for this process differ from those required for income tax purposes.

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The Answer of Both GAAP and income tax legislation require the allocation of the cost of depreciable assets to income over several years. Briefly describe how the accounting procedures used for this process differ from those required for income tax purposes.

Both GAAP and Income Tax Legislation Require the Allocation of the Cost