Favorable Book-Tax Differences - ANS-Decreases taxable income relative to book
income
Interest income from municipal bonds (F/U) - ANS-Favorable Book-Tax Difference
Example
Death benefit from life insurance on key employees (F/U) - ANS-Favorable Book-Tax
Difference Example
Depreciation expense (F/U) - ANS-Favorable Book-Tax Difference Example
Unfavorable Book-Tax Differences - ANS-Increase taxable income relative to book
income
Interest expense on loans to acquire investments generating tax-exempt income (F/U) -
ANS-Unfavorable Book-Tax Difference Example
Life insurance premiums for which corporation is beneficiary (F/U) - ANS-Unfavorable
Book-Tax Difference Example
Meals expense (F/U) - ANS-Unfavorable Book-Tax Difference Example
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