Examlex
Which of the following statements a) , b) or c) is false?
Deferred Tax Asset
A financial item on a company's balance sheet representing taxes paid or carried forward that can be used to offset future tax liabilities.
Tax-Exempt Municipal
Refers to income earned from municipal bonds that is exempt from federal income tax and, in many cases, state and local taxes.
Pretax Financial Income
The amount of income a company has earned before any taxes have been deducted, often used for internal reporting.
Taxable Income
The amount of an individual's or entity's income used to determine how much tax is owed, calculated by deducting allowable deductions from gross income.
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