Question
Differences between pretax accounting income and taxable income were as follows during 2024: ($ in millions) Pretax accounting income $ 470 Permanent difference (41) 429
Differences between pretax accounting income and taxable income were as follows during 2024:
| ($ in millions) | |
|---|---|
| Pretax accounting income | $ 470 |
| Permanent difference | (41) |
| 429 | |
| Temporary difference | (33) |
| Taxable income | $ 396 |
The cumulative temporary difference as of the end of 2024 is $108 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the balance sheet?
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The Successful Audit New Ways To Reduce Risk Exposure And Increase Efficiency
Authors: Felix Pomeranz
1st Edition
1556233914, 978-1556233913
