Question 15 3 pts If Regina Phalange records a valuation allowance, which of the following is most likely to be true: The firm has deferred tax assets that they believe are more likely than not to not be used. The firm has failed to disclose the current and deferred portions of their current period tax expense. O None of the given answers. O The firm believes that it is more likely than not that a tax position they have taken will not result in a tax benefit The firm maintained a taxable loss in the current or prior periods and elected not to use the carryback option