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Q1-O3-tax: Which one is not correct in the context of tax accounting? corporate...

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Accounting

Q1-O3-tax: Which one is not correct in the context of tax accounting?

corporate income tax is an expense, not a distribution of 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 carrybacks.

deferred tax liability might be resulted when tax expense on income statement is less than tax payment based on tax code.

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