54. Identify the following items as creating a temporary booktax difference, permanent booktax difference, or no booktax
Question:
54. Identify the following items as creating a temporary book–tax difference, permanent book–tax difference, or no book–tax difference.
Item Temporary Difference Permanent Difference No Difference Reserve for warranties Accrued pension liability Goodwill not amortized for tax purposes but subject to impairment under ASC 350 Nondeductible meal expenses.
Item Temporary Difference Permanent Difference No Difference Life insurance proceeds Net capital loss carryover Nondeductible fines and penalties Accrued vacation pay liability paid within the first two and onehalf months of the next tax year
Step by Step Answer:
Taxation Of Individuals And Business Entities 2020
ISBN: 9781259969614
11th Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver