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A deferred tax liability: A) is only disclosed in the notes to the financial statements. B) is recorded in a contra-liability account. C) represents income

A deferred tax liability:

A) is only disclosed in the notes to the financial statements.

B) is recorded in a contra-liability account.

C) represents income tax amounts that are deferred to future years because of temporary differences between GAAP rules and IRS rules.

D) is never a current liability.

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