Question
Which of the following is not a true statement regarding comprehensive income tax allocation? Which of the following is not a true statement regarding comprehensive
Which of the following is not a true statement regarding comprehensive income tax allocation? Which of the following is not a true statement regarding comprehensive income tax allocation?
a. | Tax allocation is made necessary by the timing differences between when an item reaches the income statement and when it appears on the tax return. | |
b. | The difference between the income tax expense and the income tax liability numbers appears on the income statement. | |
c. | When timing differences arise, tax allocation must take place, despite the possibility of relevant circumstantial differences. | |
d. | Permanent differences between financial statements and tax returns are not subject to the allocation process. |
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