Nabisco had about $1 .3 billion of deferred income taxes in 1996, equal to about 1 1 percent of total liabilities. This percentage had risen or remained steady for many years. Given management's desire to put off the payment of taxes as long as possi- ble, the long-term growth of the economy and inflation, and the definition of a liability (probable future sacrifice of economic benefits arising from present obligations), make an argument for not accounting for deferred income taxes.Lo1