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The primary purpose of state and
local taxes is to raise revenue to
finance state and local government.
All states employ some com
1) Corporate Taxable Income Formula
a) Refer to Exhibit 16-1 for corporate and individual tax formulas.
b) The corporate tax formula is similar to the individual tax formula but corporations dont itemize
deductions or deduct personal and dep
1) Objectives of Accounting For Income Taxes and the Income Tax Provision Process
a) Under GAAP, a company must include as part of its income statement a provision for the
income tax expense or benefit that is associated with the pretax net
2/21/2016 Assignment Print View
Temporary differences create either a deferred tax asset or a deferred tax liability.
Publicly-traded companies usually file their financial statements before they file their federal
income tax returns.
ASC 740 deals with a