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Below is part of the tax footnote for Ford Motor Comapny: 2021 Deferred tax assets Employee benefit plans $ 2,320 Net operating loss carryforwards 4,163

Below is part of the tax footnote for Ford Motor Comapny:

2021

Deferred tax assets

Employee benefit plans

$

2,320

Net operating loss carryforwards

4,163

Tax credit carryforwards

10,437

Research expenditures

1,117

Dealer and dealers’ customer allowances and claims

1,944

Other foreign deferred tax assets

2,005

All other

2,353

Total gross deferred tax assets

24,339

Less: Valuation allowances

-1,067

Total net deferred tax assets

23,272

Deferred tax liabilities

Leasing transactions

2,103

Depreciation and amortization (excluding leasing transactions)

2,881

Finance receivables

756

Carrying value of investments

2,149

Other foreign deferred tax liabilities

893

All other

2,275

Total deferred tax liabilities

11,057

Net deferred tax assets/(liabilities)

$

12,215

From this footnote we can infer:

a. Future book income will be higher than future taxable income because there is net deferred tax liability.

b. Current book income is lower than taxable income because there is net deferred tax asset.

c. Future book income will be lower than future taxable income because there is net deferred tax asset.

d. Current book income is higher than taxable income because there is net deferred tax liability.

e. We cannot infer anything from the relative book and tax income from this information.

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