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Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by future deductible amounts. Describe at least one situation that has this

  1. Sometimes a temporary difference will produce future deductible amounts. Explain what is meant by future deductible amounts. Describe at least one situation that has this effect. How are future deductible amounts recognized in the financial statements.
  2. . What events creates permanent differences between accounting income and taxable income? What effect do theses events have on the determination of income taxes payable and deferred income taxes?

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