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In financial statements prepared on the income - tax basis, how should the nondeductible portion of expenses such as meals and entertainment be reported? A
In financial statements prepared on the incometax basis, how should the nondeductible portion of expenses such as meals and entertainment be reported?
A Included in the expense category in the determination of income.
B Included in a separate category in the determination of income.
C Excluded from the determination of income but included in the determination of retained earnings.
D Excluded from the financial statements.
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