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Describe the differences between financial statement income and taxable income. Can a taxpayer have both? Why or why not? Give an example of each type of income for an individual taxpayer.
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The difference between financial statement income and taxable income are described. Whether taxpayers can be both is determined.
The following are some of the differences between financial statement income and taxable income
 Financial statement income is the income as reflected in the Income statement i.e. the Net Income and taxable income is the income which is calculated as per the Income tax laws.
 Financial statement ...
- Chartered Accountant (Equivalent to CPA in US), Institute of Charted Accountants of India
- Bachelor of Commerce, West Bengal University
- "I got this feedback and I wanted to know if you can explain it to me. I noticed something within your workings which I believe is incorrect. It looks like you've mistaken the Debt ratio for the Equity Multiplier. You've done a calculation to determine Return on Equity (ROE) but if you take a look at the ratios provided for us you'll see ROE listed on the bottom line already. You can use ROE, Profit Margin and Total Asset Turnover to figure out the Equity Multiplier amount. Equity multiplier is not provided for us and we need to calculate it. I really hope this is helpful to you. "
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