Complete the following statements by filling in the blanks. Please make sure to indicate the subparts when you are answering. g. An increase in the Deferred Tax Liability account on the statement offinancial position is recorded by aIncome Tax Expense account.(debit, credit) to theh. An income statement that reports current tax expense of $82,000 anddeferred tax benefit of $23,000 will report total income tax expense of$i. A reduction in a deferred tax asset is needed whenever it is judged tothat a portion of a deferred tax asset .be(will be,will not be) realized.j. If the tax return shows total taxes due for the period of $75,000 butthe income statement shows total income tax expense of $55,000, thedifference of $20,000 is referred to as a deferred tax(expense, benefit).

Solution Note Dear student as per the Q&A guideline we are required to answer the first question…

Answered: g. An increase in the Deferred Tax…

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 4BCRQ

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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

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g. An increase in the Deferred Tax Liability account on the statement of financial position is recorded by a Income Tax Expense account. (debit, credit) to the