Review Case 18-6, Interperiod Tax Allocation, in your text. Prepare a reply to the controller based on the information presented in the case. Make sure that you include all items required and that your post is in memo format. Use your readings from the text and at least one additional academic resource to provide support for your response. The websites provided in the module reading and resources may be used along with any other reputable site. Remember to use proper APA-style formatting.

Here is the case:

LO 18.2 AICPA Adapted Chris Green, CPA, is auditing Rayne Co.'s 2016 financial statements. For the year ended December 31, 2016, Rayne is applying GAAP for income taxes. Rayne's controller, Dunn, has prepared a schedule of all differences between financial statement and income tax return income. Dunn believes that as a result of pending legislation, the enacted tax rate on December 31, 2016, will be increased for 2017. Dunn is uncertain which differences to include and which rates to apply in computing deferred taxes. Dunn has requested an overview of GAAP from Green. Required: Prepare a brief memo to Dunn from Green that identifies the objectives of accounting for income taxes, defines temporary differences, explains how to measure deferred tax assets and liabilities, and explains how to measure deferred income tax expense or benefit.