4. Which of the following is true with respect to deferred tax assets and deferred tax liabilities

a. A permanent difference is always recorded as a deferred tax asset

b. A valuation allowance is appropriate only when it is more likely than not that deferred tax asset will not be recognized

c. All deferred tax assets and deferred tax liabilities are reported as noncurrent in the balance sheet

d. A net operating loss gives rise to a deferred tax liability