Tax Accounting Facts
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Which one is not correct in the context of tax accounting:
Deferred tax liability might result when tax expense on an income statement is less than tax payment based on the tax code.
Corporate income tax is an expense, not a distribution of the profits to the government.
Non taxable expenses cause permanent differences between pretax accounting income and taxable income.
Deferred tax assets might be resulted from Loss Carryback.
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Solution Summary
This solution explains which statement is not correct in the context of tax accounting.
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