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U.S. corporate income tax law changed dramatically at the end of 2017. Indicate whether the following statements are True or False regarding specific changes to
U.S. corporate income tax law changed dramatically at the end of 2017.
Indicate whether the following statements are "True" or "False" regarding specific changes to the law and their general effects on the presentation of tax items on GAAP financial statements.
a. | Increase in top Federal corporate income tax rate. Requires adjustments to the balances of the deferred tax asset and liability accounts and has a potentially significant effect on after-tax book income. |
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b. | Changes to NOL deduction availability. Might require a release of a valuation allowance for the loss carryforwards. |
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c. | Repeal of corporate AMT. Probably eliminates all valuation allowances against the credit. |
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