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Financial statement income different from taxable income

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Why is financial statement income different from taxable income?

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Solution Summary

The solution defines both financial and taxable income including which bodies or agencies set the rules to establish each type of income. Following the definition is a list of four examples for types of differences between financial and taxable income.

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Financial income and taxable income follow two different sets of rules. The accounting regulatory bodies and the SEC prescribe the rules for the calculation of financial income. The Congress and IRS ...

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