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A company uses straight-line depreciation for some of its assets. For financial statement purposes, it uses a 10-year useful life. However, for tax purposes, it

A company uses straight-line depreciation for some of its assets. For financial statement purposes, it uses a 10-year useful life. However, for tax purposes, it uses a seven-year useful life for these assets. Will this result in a future taxable or deductible amount? Explain.

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