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Please provide your responses and perspectives to the following: 1. Why do differences in tax and financial accounting exist? What are the broader policy reasons

Please provide your responses and perspectives to the following:

1. Why do differences in tax and financial accounting exist? What are the broader policy reasons that Tax Accounting is different than Financial Accounting? 2. Provide an example of differences between tax and financial accounting. What is the impact of these differences. 3. What are the basic steps in determining the differences in Financial and Taxable income?

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