E10-36. Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements of FedEx Corporation follows The components of the provision for income taxes for the years ended May 31 were asfollows: $ millions 2016 2015 2014 Current provision (benefit) Domestic $513 $ 795 $o 624 Federal State and local Foreign..... 56 72 102 200 214 194 785 874 1,111 Deferred provision (benefit) Domestic Federal. (474) (18) (47) (2) (13) 360 155 State and local 82 Foreign.... 18 460 135 (534) $920 $ 577 $1,334 a.What is the amount of income tax expense reported in FedEx's 2016, 2015, and 2014 income statements? b.What percentage of total tax expense is currently payable in each year? c.One possible reason for the $135 million deferred tax expense in 2016 is that deferred tax liabilities increased during that year. Provide an example that gives rise to an increase in the deferred tax liability | | E10-36. Analyzing and Interpreting Income Tax Disclosures The income tax footnote to the financial statements of FedEx Corporation follows The components of the provision for income taxes for the years ended May 31 were asfollows: $ millions 2016 2015 2014 Current provision (benefit) Domestic $513 $ 795 $o 624 Federal State and local Foreign..... 56 72 102 200 214 194 785 874 1,111 Deferred provision (benefit) Domestic Federal. (474) (18) (47) (2) (13) 360 155 State and local 82 Foreign.... 18 460 135 (534) $920 $ 577 $1,334 a.What is the amount of income tax expense reported in FedEx's 2016, 2015, and 2014 income statements? b.What percentage of total tax expense is currently payable in each year? c.One possible reason for the $135 million deferred tax expense in 2016 is that deferred tax liabilities increased during that year. Provide an example that gives rise to an increase in the deferred tax liability | |