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Answer the following questions:
-Reform Bill of 1832
Temporary Differences
Temporary differences are differences between the carrying amount of an asset or liability in the balance sheet and its tax base, leading to deferred tax assets or liabilities.
Taxable Income
Taxable income is the amount of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
Pretax Financial Income
Income of a company calculated before taxes are deducted, often compared to taxable income for tax planning.
Deferred Tax Asset
A tax benefit that arises from temporary differences between the tax and accounting treatment of assets and liabilities, to be utilized in future periods.
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