The income tax note to the GAAP financial statements includes a reconciliation of a corporation's hypothetical tax on book income to its book tax expense as if it were taxed at the applicable U.S. income tax rates.

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The income tax note to the GAAP financial statements typically includes a reconciliation of a corporation's hypothetical tax on book income to its book tax expense as if it were taxed at the applicable U.S. income tax rates. This reconciliation helps investors and analysts understand the differences between a company's financial accounting for income taxes and its tax obligations under U.S. tax laws.

The Income Tax Note to the GAAP Financial Statements Includes