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A firm incurred fines and penalties because of violation of a law. The expenses incurred in paying the fines are recognized for financial reporting purposes,
A firm incurred fines and penalties because of violation of a law. The expenses incurred in paying the fines are recognized for financial reporting purposes, but they are not deductible for tax purposes. The firm is most likely to record:
A) a deferred tax asset B) a deferred tax liability C) no deferred tax asset or liability
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