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QUESTION
What are deferred taxes? Why must an organization take these into consideration?
What are deferred taxes?
Why must an organization take these into consideration?
You are correct that deferred taxes arise due to temporary differences. What are some examples of transactions that create temporary differences?
How does this affect the GAAP books vs the tax books?
What about permanent differences?
What are these differences?
Do they affect taxes?
What types of transactions create permanent differences?
