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Topic: temporary and permanent tax differences Give an example of a transaction that is handled differently for GAAP than it is for income taxes. Is

Topic: temporary and permanent tax differences

Give an example of a transaction that is handled differently for GAAP than it is for income taxes. Is it a permanent or a temporary difference and why? If it is temporary, when will the item "turn around," or when will the cumulative accounting be the same for book and tax?

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