Question 2 Not complete Marked out of 5.00 P Flag question Interpreting the Income Tax Expense Footnote 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 as follows: ($ millions) 2009 2008 2007 Current provision Domestic Federal $(35) $ 514 $ 829 State and local 18 74 72 Foreign 214 242 174 197 830 1,075 Deferred provisions (benefit) Domestic Federal State and local Foreign 3273162 48 (2) 27 7 32 382 5579 $ 891 $ 1,199 61 Provision for income taxes (a)What is the amount of income tax expense reported in FedEx's 2009, 2008, and 2007 income statements? Type here to search Prison (a)What is the amount of income tax expense reported in FedEx's 2009, 2008, and 2007 income statements? 2009 Income Tax Expense = $ million 2008 Income Tax Expense = $ million 2007 Income Tax Expense = $ million (b) What percentage of total tax expense is currently payable in each year? Round your answers to the nearest percent. 2009 2008 2007 Which of the following statements best describes why the percentages of total tax expense are different each year? ODifferences in the percentage of income tax expense that is currently payable arise because tax laws change frequently ODifferences in the percentage of income tax expense that is currently payable arise because of fluctuation in the amount of deferred income tax assets or ODifferences in the percentage of income tax expense that is currently payable arise solely because of fluctuations in the amount of taxable income. ODifferences in the percentage of income tax expense that is currently payable arise because companies typically defer tax payments in periods of reduced (C) Which of the following provides the best example that can give rise to an increase in the deferred tax liability? ODeferred tax liabilities arise in periods of higher taxable income. ODeferred tax liabilities generally arise because companies defer the payment of taxes in periods of low cash flow. Restructuring accruals provide the best example of an event that gives rise to an increase in deferred tax liabilities onanie uce an accelerator Honrariation method fortunestham b incamin Type here to search