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Tax Drill - Deferred Tax Asset Ion Corporation has income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. Assume that Ion
Tax Drill - Deferred Tax Asset
Ion Corporation has income tax expense/payable for book purposes of $200,000 and $250,000 for tax purposes. Assume that Ion will only be able to use $30,000 of any deferred tax asset with the balance expiring. Ion will record a deferred tax asset of $fill in the blank 1 and a valuation allowance of $fill in the blank 2
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