Which of the following causes a permanent difference between taxable income and financial accounting income?

Question 16 options:

a)

The useful life of an asset is 10 years.The asset is depreciated over 7 years for tax purposes.

b)

Rent received in advance is taxable upon receipt.

c)

A life insurance premium paid by the corporation on a policy that names the corporation as the beneficiary.

d)

A penalty paid to a bank when a CD is cashed before its maturity date.