GAAP accounting and tax accounting
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What is the difference between GAAP accounting and tax accounting.
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What is the difference between GAAP accounting and tax accounting.
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GAAP accounting is designed to provide a fair and accurate assessment of a firm's financial condition. Tax accounting is designed to produce a verifiable tax base and, in some cases, to provide incentives to firms for undertaking particular activities (e.g., Accelerated Cost Recovery System (ACRS) depreciation).
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