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14 May, 04:47

What is meant by "tax allocation within a period"? What is the justification for such practices?

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  1. 14 May, 06:43
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    Tax allocation within a period is the practice of allocating the income tax for a period to such items as income before extraordinary items, extraordinary items and period adjustments.

    Explanation:

    The justification for tax allocation within a period is to produce financial statements which disclose an appropriate relationship of the different taxable income.
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