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The income tax expense recorded by a corporation on its GAA financial statements includes its Federal and state income taxes but not its foreign income
The income tax expense recorded by a corporation on its GAA financial statements includes its Federal and state income taxes but not its foreign income taxes. True False
The current tax expense reported on the GAAP financial statements generally represents the taxes actually payable to domestic or foreign governmental authorities.True False
Regardless of any deficit in current E & P, distributions during the year are taxed as dividends to the extent of accumulated E & P. True False
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