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Please answer all 3. Help Save & Exit When GAAP reporting businesses dispose of assets, it generally results in a book/tax difference? When will an
Please answer all 3. Help Save & Exit When GAAP reporting businesses dispose of assets, it generally results in a book/tax difference? When will an asset disposal for GAAP businesses not result in a book/tax difference? Multiple Choice When the asset is sold for cash When the asset is disposed of at a loss When the asset is disposed of at again None of the above Help Which of the following is an unfavorable permanent book/tax difference? Multiple Choice Tax Exempt Income Dividend Received Deduction Fines and Penalties None of the above Which of the following statements is true with regards to the valuation allowance account (VAA)? Multiple Choice The VAA is used when the management of the company believes that some of the future benefits of the DTA will not be realized Creating a VAA is at the discretion of the company's management To reverse out a VAA or to reverse out part of a VAA, the journal entry would consist of a debit entry to the VAA and a credit entry to tax expense. All of the above statements are true
Please answer all 3.
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