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Which of the following is an endothermic process for the system? In each case, the "system" is underlined.
Taxable Income
Income on which tax must be paid. Total income minus exemptions and deductions is used to calculate this figure.
Income Tax Expense
The amount of expense recognized in a given period for taxes on profits, reflecting the expected cash outflow to tax entities.
Loss Carryback
A tax provision that allows businesses to apply a net operating loss to past tax years in order to receive a tax refund.
Income Before Taxes
The amount of income a company generates before accounting for income taxes, often used to assess the profitability of a company excluding tax expenses.
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