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Bridging the Book-Tax Accounting Gap

Celia Whitaker
The Yale Law Journal
Vol. 115, No. 3 (Dec., 2005), pp. 680-726
Stable URL: http://www.jstor.org/stable/25047622
Page Count: 47
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Bridging the Book-Tax Accounting Gap
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Abstract

The book-tax accounting gap allows corporations to minimize their earnings for tax purposes while maximizing them in reports to investors, all within the letter of the law. Although the U.S. Treasury has reported the rising divergence between book and taxable income with alarm, scholars and policymakers have yet to consider fundamental reform. This Note proposes eliminating the book-tax divide by moving to a book-conformed system. Implementing this proposal will both cut down on rampant corporate tax sheltering and help restore the integrity of the financial accounting system.

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