Question
For each of the following differences between book and taxable income, determine if the difference would result in a deferred tax asset, liability, or neither.
For each of the following differences between book and taxable income, determine if the difference would result in a deferred tax asset, liability, or neither.
| Permanente Difference | Answer 1Choose...Deferred Tax LiabilityDeferred Tax AssetNeither |
| Tax Depreciation in Excess of book depreciation | Answer 2Choose...Deferred Tax LiabilityDeferred Tax AssetNeither |
| Cash collected by cash basis tax payer that has not been earned under GAAP | Answer 3Choose...Deferred Tax LiabilityDeferred Tax AssetNeither |
| Expenses deductible for tax purpose in the current year, not yet taken as an expense for financial reporting purposes. | Answer 4Choose...Deferred Tax LiabilityDeferred Tax AssetNeither |
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
