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Business, 01.07.2019 19:10 datgamer13

Bruin company received a $100,000 insurance payment on the death of its company president. the company annually paid $1,000 of non-deductible insurance premiums on the policy. bruin reported the insurance receipt as income and deducted the premium payments on its books. for asc 740 purposes, the income and deduction are characterized as: a. both are taxable temporary differencesb. both are deductible temporary differencesc. the insurance receipt is a favorable permanent difference and the premium payment is an unfavorable permanent differenced. the insurance receipt is a taxable temporary difference and the premium payment is an unfavorable permanent difference

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