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There are many differences between financial accounting income and taxincome and deductions. Which of the following is an example of a timing (temporary) difference? 1.Business

There are many differences between financial accounting income and taxincome and deductions. Which of the following is an example of a timing (temporary) difference?

1.Business meals are 50%deductible for tax purposes.

2.Municipal bond interest income is not taxable,generally.

3.Depreciation for tax purposes uses shorter asset lives than for financial accounting, generally.

4.Federal income taxes are never deductible for tax purposes.

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