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Which of the following statements is true about income tax? Select one: a. Every form of organization (proprietorship, partnership and corporation) must file and pay
Which of the following statements is true about income tax? Select one:
a. Every form of organization (proprietorship, partnership and corporation) must file and pay taxes on its net income as a separate legal entity from its owner(s)
. b. Income tax expense is reported under Operating Expenses section of the income statement
. c. There is a difference between ASPE or IFRS and the Income Tax Act when it comes to calculating taxable income.
d. Income tax expense is recorded only when cash is paid to the government.
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