Homestake Mining Company is a 120-year-old international gold mining company with substantial gold mining operations and exploration in the United States, Canada, and Australia. At year-end, Homestake reported the following items related to income taxes (thousands of dollars).

Total current taxes$26,349Total deferred taxes(39,436)Total income and mining taxes (the provision for taxes per its income statement)

$(13,087)Deferred tax liabilities$303,050Deferred tax assets, net of valuation allowance of $207,17595,275Net deferred tax liability$207,775

The classification of deferred tax assets and liabilities is based on the related asset or liability creating the deferred tax. Deferred taxes not related to a specific asset or liability are classified based on the estimated period of reversal.

Tax loss carryforwards (U.S., Canada, Australia, and Chile)$71,151Tax credit carryforwards$12,007

Initial post:

Answer each of the following questions:

1. What is the significance of Homestake's disclosure of "Current taxes" of $26,349 and "Deferred taxes" of $(39,436)?
2. Explain the concept behind Homestake's disclosure of gross deferred tax liabilities (future taxable amounts) and gross deferred tax assets (future deductible amounts).
3. Homestake reported tax loss carryforwards of $71,151 and tax credit carryforwards of $12,007. How do the carryforward provisions affect the reporting of deferred tax assets and deferred tax liabilities?