• Which of the following statements about business tax returns is true?

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1. The amount of depreciation expense on a tax return is always greater than the amount of depreciation reported on a GAAP financial statement. 2. Businesses seek to maximize tax-deductible expenses on tax returns, but might report lower expenses on their GAAP financial statements. 3. The amounts shown on the balance sheet included in a tax return are different from the amounts on the GAAP financial statements. 4. he tax return does not disclose sales returns and allowances.