Current and future tax consequences of transactions and other events

Some transactions may not have any consequences for taxation (e.g., entertainment outlays).

Other transactions have only current period consequences for taxation (e.g., paying $10 000 cash for rent of a building in the current period).

Some other transactions have both current and future tax consequences (e.g., interest revenue of $21 000 for the current period, only $15 000 has been received in cash).

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