Permanent Differences Between Income Tax Per GAAP and Income Tax

question 83

True/False

Permanent differences between income tax per GAAP and income tax per the tax law lead to deferred tax liabilities.

---

Definitions:

Great Railroad Strike

A significant labor action in 1877 in the United States, where railroad workers launched a strike due to wage cuts, leading to widespread unrest.

Baltimore & Ohio

The Baltimore and Ohio Railroad, established in 1827, notable for being one of the oldest railroads in the United States and a key development in American transportation history.

Depression

A severe and prolonged downturn in economic activity characterized by significant fall in spending and employment, often exemplified by the Great Depression of the 1930s.

National Guard

A reserve military force composed of state National Guard militia units, which operates under state and federal law, and is under the dual control of the state and the federal government.