## Answers

1 | Interest is received on an investment in tax-exempt governmental obligations. | PERMANENT | This is tax exempt, soit will never be taxable, hence permanent difference |

2 | For some assets, straight-line depreciation is used for both financial reporting purposes and tax purposes, but the assets’ lives are shorter for tax purposes. | TEMPORARY | Liability because higher depreciation is allowed for tax purpose. Sooner or later the Net Value of asset will be equal |

3 | The tax return reports a deduction for 80% of the dividends received from various corporations. The cost method is used in accounting for the related investments for financial reporting purposes. | PERMANENT | Tax reports allow a deduction. This deduction will never be considered an income so it is a permanent difference |

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