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Problem 3-4 (LO. 1) In preparation of your presentation next week to your school's Future CPAs Club, sort the following commonly encountered book-tax differences
Problem 3-4 (LO. 1) In preparation of your presentation next week to your school's Future CPAs Club, sort the following commonly encountered book-tax differences as either "Temporary" or "Permanent". a. Cost recovery deductions for tax that differ in timing and amount Temporary from book depreciation. b. Municipal bond interest. Permanent C. The disallowed portion of business meals expense. d. Tax credits. e. Warranty expenses accrued for book purposes. f. Inventory write-offs accrued for book purposes. g. Certain penalties. Temporary Temporary Permanent h. Compensation-related expenses such as the future expenses related to providing post-retirement benefits other than pensions.
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