How are deferred taxes classified on the balance sheet for US companies. Explain your answer.
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- Who is responsible for collecting sales and excise taxes? Who actually pays the tax?Can any nonrefundable credits, other than the foreign tax credit, reduce the regular income tax liability below the amount of the TMT? Explain.How is the sales tax rate usually determined? Does the company get to keep the sales tax as earned revenue?
- How are deferred taxes classified on the balance sheet for US companies. Explain your answer in a few sentencesTrue or False: The income a U.S. company reports to the IRS (i.e. to calculate taxes), could be different from the income reported on that company’s Income Statement. Explain your answer.determine how oil and gas companies in the United States calculate their depletion expense for U.S. income tax purposes. How does this tax practice compare to U.S. GAAP?
