Discuss the difference between an income tax expense and an income tax payable, demonstrating an understanding of the difference between GAAP and tax reporting. Identify three temporary differences and discuss how the deferred tax asset or deferred tax liability is recorded and consumed. Identify three permanent differences and discuss the reporting of permanent differences. .

1. Discuss the difference between an income tax expense and an
income tax payable, demonstrating an understanding of the
difference between GAAP and tax reporting. Identify three
temporary differences and discuss how the deferred tax asset or
deferred tax liability is recorded and consumed. Identify three
permanent differences and discuss the reporting of permanent
differences.