You have been called to testify before a congressional committee on income taxation. One committee member states: "My staff has added up the amounts shown for Deferred Tax Liability on the balance sheets of the 500 largest U.S. corporations. If we collected these amounts immediately, we could reduce the national deficit by billions of dollars. After all, I have to pay my taxes as they become due each year. Why shouldn't corporations have to do the same?" How would you respond?

LO1.