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nitions and Calculating the Tax Base of Assets and Liabilities Accounting standards allow ABC Company to recognize interest income on its financial statements. However, ABC
nitions and Calculating the Tax Base of Assets and Liabilities Accounting standards allow ABC Company to recognize interest income on its financial statements. However, ABC is not allowed to recognize such items on its tax return. This will most likely result in: A deferred tax asset. A deferred tax liability. Neither a deferred tax asset nor a deferred tax liability
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