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How are contingent liabilities treated in computing net income from a business for tax purposes? Question 13 options: Contingent liabilities are not deductible in determining

How are contingent liabilities treated in computing net income from a business for tax purposes?

Question 13 options:

Contingent liabilities are not deductible in determining net income for tax purposes for a business.

Contingent liabilities are deductible in determining net income for tax purposes for a business if they have been recognized under ASPE.

Contingent liabilities are deductible in determining net income for tax purposes for a business if they relate to a lawsuit.

Contingent liabilities are deductible in determining net income for tax purposes for a business.

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