Which of the following describes a permanent difference?
A. A difference that will be corrected in an amended tax return.
B. A difference arising from an uncertain tax position.
C. A fundamental difference in what constitutes revenue or expense for GAAP and tax purposes.
D. A timing difference between the recognition of revenue or expense under GAAP and tax purposes.
Answer: A fundamental difference in what constitutes revenue or expense for GAAP and tax purposes.
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