Explore BrainMass

Explore BrainMass

    Tax Accounting Facts

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    I need help with the attached question. Thank you!

    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.

    © BrainMass Inc. brainmass.com June 4, 2020, 3:08 am ad1c9bdddf


    Solution Summary

    This solution explains which statement is not correct in the context of tax accounting.