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A valuation allowance can be applied to -The deferred tax asset account only -The deferred tax liability account only -Both deferred tax asset and deferred

A valuation allowance can be applied to

-The deferred tax asset account only

-The deferred tax liability account only

-Both deferred tax asset and deferred tax liability

-Deferred tax asset or deferred tax liability, depends on whether there is an operating loss carryback or carryforward.

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