Exxon Corporation of the U.S. had about \(\$ 11.1\) billion of deferred income taxes in 1992, equal to about 20 per cent of total liabilities. This percentage has risen or remained steady for many years. Given management's desire to put off the payment of taxes as long as possible, the long-term growth of the economy and inflation, and the definition of a liability (probable future sacrifices of future benefits arising from present obligations), make an argument for not accounting for deferred income taxes.