ADJUSTMENTS TO INCOME Definition

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ADJUSTMENTS TO INCOME are all tax code allowable increases/(deductions) to income that are not already accounted for.

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PHANTOM PROFIT is hypothetical profit, i.e., no cash flow is generated. Appreciation on any asset, e.g. stock, is considered phantom profit unless or until the asset is sold, thereby generating cash flow.

QUALIFIED OPINION is the auditor's opinion accompanying a financial statement that calls attention to limitations in the audit or exceptions the auditor has taken with the audit of the statements.

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