Net income in the income statement is the same amount as taxable income reported to the Internal Revenue Service (IRS).

Name: Net income in the income statement is the same amount as taxable income reported to the Internal Revenue Service (IRS).
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Net income in the income statement is not the same amount as taxable income reported to the Internal Revenue Service (IRS). There are many differences between net income and taxable income due to different rules for financial reporting and tax reporting.

Net Income in the Income Statement Is the Same Amount