d. either current or expected future tax laws A deferred tax liability usesO A. The current tax laws, regardless of expected or enacted future tax lawsO B. Expected future tax laws, regardless of whether those expected laws have beenenactedO c. Current tax laws, unless enacted future tax laws are different

Taxes are the amount of dues or liabilities that need to be paid by the individual to the…

Answered: d. either current or expected future…

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d. either current or expected future tax laws

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter14: Taxes On The Financial Statements

Section: Chapter Questions

Problem 36P

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Question

d. either current or expected future tax laws

A deferred tax liability uses
O A. The current tax laws, regardless of expected or enacted future tax laws
O B. Expected future tax laws, regardless of whether those expected laws have been
enacted
O c. Current tax laws, unless enacted future tax laws are different

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Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes