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According to the Income Tax Act, which of the following items is the starting point for computing net business income for tax purposes? Choose the
According to the Income Tax Act, which of the following items is the starting point for computing net business income for tax purposes?
Choose the correct answer.
A.
Sales revenue less cost of goods sold
B.
Net income for a business computed using generally accepted accounting principles (GAAP)
C.
Net income for a business as reported on the previous year's income tax return
D.
Gross sales revenues
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