Profit Estimation of Tax
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Consider yourself a regulatory tax expert faced with the task of proposing a uniform standad of profit estimation. Given two options: Economic profit estimation and Accounting Profit Estimation. Which one would you establish as the standard for calculating profits? Why?
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Solution Summary
Profit estimation is examines for tax.
Solution Preview
Clearly economic profit. The reason is because economic profit includes opportunity cost, and that is more reasonable for tax purposes. For example, if a person volunteers for some organization which ...
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