Unrealized los
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- Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period? a. operating loss carryforwards b. permanent differences c. applicable tax rates d. temporary differencesUnrealized losses on investments create a deferred tax asset in the period they first arise. O True O FalseTRUE OR FALSE? An excess tax depreciation will result to a deferred tax liability.
- TRUE OR FALSE?Under IFRS, deferred tax liability and deferred tax asset should be reported as noncurrent regardless of the reversal period.Analysts should treat deferred tax liabilities that are expected to reverse as:A . equity.B . liabilities.C . neither liabilities nor equity.A company reduces a deferred tax asset by a valuation allowance if it is probable that it will not realize some portion of the deferred tax asset true or false
- Deferred tax assets and deferred tax liabilities represent the tax effect of the temporary difference between the financial carrying value of an asset or liability and its tax basis. Is this True or False? I think it's True but I'm not sure.Tax losses can be viewed as providing: Answer deductible temporary differences, and therefore deferred tax liabilities b.taxable temporary differences, and therefore a current tax liability c.taxable temporary differences, and therefore a current tax refund d.deductible temporary differences, and therefore a deferred tax assetA deferred tax liability or asset that is related to an asset or liability shall be classified in the statement of financial position based on the expected reversal date of the temporary difference. a. TRUE b. FALSE
- A deferred tax liability (or asset) is described as the tax effect of the temporary difference between the financial statement carrying amount (book value) of an asset or liability and its tax basis. Explain this tax effect of the temporary difference. How might it produce a deferred tax liability? A deferred tax asset?A deferred tax liability uses a. Expected future tax law, regardless of whether those expected laws have been enacted b. Current tax laws, unless enacted future tax laws are different c. Either current or expected future tax laws, regardless of whether those expected laws have been enacted. d. The current tax laws, regardless of expected or enacted future tax lawsIn a regressive tax system, as taxable income increases, the effective tax rate decreases ◻ True False
