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    icatana's Avatar
    icatana Posts: 5, Reputation: 1
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    #1

    Dec 6, 2010, 08:26 PM
    Investment income, temporary or a permanent difference on the taxable income?
    "Alegro also anticipates investing in local county bonds which should earn about $7,000 investment income in 2010."
    Just Looking's Avatar
    Just Looking Posts: 1,610, Reputation: 480
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    #2

    Dec 6, 2010, 09:18 PM

    Typically, income earned from a municipal bond is tax exempt. A temporary difference is one in which taxes would be due at some point but not at the same time it is recognized for financial statement purposed. A permanent difference arises when the income will not be recognized on the tax return now or in the future.
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