Income tax based on taxable income may differ from the income tax based on "Income before Taxes" on the income statement.Which of the following could be a reason for this difference?
A) A business may use accelerated depreciation for tax reporting and straight-line for financial reporting purposes.
B) Tax payments may not equal the tax due.
C) Taxable income is based on Generally Accepted Accounting Principles.
D) All of these could be reasons for the difference.
Correct Answer:
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