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XYZ Corporation reported net income of $100,000 for the year. If the company's tax rate is 30%, calculate the taxable income and the amount of
XYZ Corporation reported net income of $100,000 for the year. If the company's tax rate is 30%, calculate the taxable income and the amount of income tax expense. Explain the difference between accounting income and taxable income, highlighting the adjustments required to reconcile financial statements with tax returns. Discuss the implications of tax planning strategies on a company's effective tax rate and cash flow management.
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