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Explain the tax implicationsofDepreciation. -Depreciation for accounting and income tax purposes differs because of different bases of carrying the related property. The different bases are

Explain the tax implicationsofDepreciation.

-Depreciation for accounting and income tax purposes differs because of different bases of carrying the related property. The different bases are a result of a business combination treated as a purchase for accounting purposes and as a tax-free exchange for income tax purposes

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