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(a) Explain why accounting profit may be different from taxable profit for a firm. [Maximum words: 130 words] (b) What is meant by the term

(a) Explain why accounting profit may be different from taxable profit for a firm. [Maximum words: 130 words] (b) What is meant by the term "tax base" and how is this calculated for an asset and a liability? [Maximum words: 180 words] (4 marks)

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