For federal income tax purposes, the difference between the total income and total deductions reported on Form 1120 by a $C$ corporation may be referred to as what type of income? Accounting income. Gross income. Nontaxable income. Taxable income. Mark for follow up

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For federal income tax purposes, the difference between the total income and total deductions reported on Form 1120 by a

C

corporation may be referred to as what type of income? Accounting income. Gross income. Nontaxable income. Taxable income. Mark for follow up

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