TRUE OR FALSE? 1. An excess tax depreciation will result to a deferred tax liability. 2. If the carrying amount of an asset is higher than the tax base, the difference is a future taxable amount and therefore there us a deferred tax liability. 3. A permanent difference that is nondeductible will have no deferred tax consequence.

TRUE OR FALSE? 1. An excess tax depreciation will result to a deferred tax liability. 2. If the carrying amount of an asset is higher than the tax base, the difference is a future taxable amount and therefore there us a deferred tax liability. 3. A permanent difference that is nondeductible will have no deferred tax consequence.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter12: Liabilities: Off-balance-sheet Financing, Retirement Benefits, And Income Taxes

Section: Chapter Questions

Problem 14Q

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Similar questions

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If the carrying amount of an asset is higher than the tax base, the difference will result in deferred tax liability. Required: True or False