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Explain why a business taxpayer that uses GAAP for financial reporting would end up with book-tax differences relating to the depreciation of balance-sheet assets. In
Explain why a business taxpayer that uses GAAP for financial reporting would end up with book-tax differences relating to the depreciation of balance-sheet assets. In other words, how do GAAP and tax depreciation differ? Identify and briefly explain at least two major differences.
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