LO.2 Indicate whether the following temporary differences produce deferred tax assets or deferred tax liabilities (considered independently).

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LO.2 Indicate whether the following temporary differences produce deferred tax assets or deferred tax liabilities (considered independently).

a. Tax depreciation in excess of book depreciation.

b. Book depreciation in excess of tax depreciation.

c. Increase in the allowance for doubtful accounts.

d. Deduction for legal expenses expected to be incurred to settle a lawsuit.

e. A current-year NOL.

f. Foreign tax credits that are not allowed in the current year because of the FTC limitation.

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South Western Federal Taxation 2011 Taxation Of Business Entities

ISBN: 9780538498616

14th Edition

Authors: James E. Smith, William A. Raabe, David M. Maloney

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