What is an ‘exempt income’ and how does it affect the calculation or recovery of carry‐forward tax losses

Q: Differentiate the accounting measurement of current tax liability and current tax asset from…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: What effect does intraperiod tax allocation have onreported net income?

A:

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: . What is the possible treatment for tax purposes of a net operating loss? What is the proper…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: What is the net tax consequences of these dispositions?

A: The disposition of the assets means sales, exchange, or donation of the assets. The disposition of…

Q: Which of the following cases would affect the noncurrent liabilities portion of the balance sheet?…

A: When Taxable income is greater than the accounting income then deferred tax liability should be…

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: Which is a deductible tax expense? Surcharges and penalties

A: Deductible tax expenses In a business entity the deductible tax expenses which includes any ordinary…

Q: Deferred tax liability

A: Correct Answer is :- C Deferred tax Liability.

Q: current and future tax consequences of transactions accounted for

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: What is the difference between tax avoidance and tax evasion?

A: The answer for the theory question on the difference between tax avoidance and tax evasion is…

Q: Define tax loss carryback and carryforward

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: What is a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

Q: Explain the difference between tax reliefs and tax credits

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: How does the disposition effect impact investor tax?

A: Introduction: The disposition effect is coined by economists Hersh Shefrin and Meir Statman in a…

Q: What are the possible treatments for tax purposes of anet operating loss? What are the circumstances…

A: Net operating loss: When the level of income is less than the expenses for a given or a considered…

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: What are the distinctions between deferred tax assets and deferred tax liabilities?

A:

Q: What are the benefits or advantages of filing a consolidated income tax return?

A: The consolidated tax return represents the single tax return of the affiliated group of companies.…

Q: What is a deferred tax asset?

A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…

Q: Define Deferred tax liability.

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What is the total tax expense?

A: Income Before tax is Given. Tax rate will be applied to the Income before tax

Q: Why is the income tax payable not the same as income tax expense

A:

Q: What Is A Deferred Tax Liability And What Is Its Purpose?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: What is a deferred tax liability?

A: Deferred tax liability arises due to the difference in the amount of accounting income and taxable…

Q: What is deferred tax liability and deferred tax liability in accounting?

A: A deferred tax liability:A deferred tax liability is an income tax obligation that is due for the…

Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…

A: Person includes :  an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…

Q: Briefly explain how tax loss carryback and carryforward procedureswork.

A: Loss carryback is a situation in which business is having operating loss in this year and it want to…

Q: difference between Tax Avoidance and Tax Evasion

A: The question talks about two terms : Tax Avoidance and Tax Evasion Hence. Let's first understand the…

Q: Determine the tax payable or overpayment if:

A: Tax is the expense over the individual or the earning body to pay the portion of their income to the…

Q: Briefly explain the concepts of accounting profit, taxable profit, temporary difference, taxable…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: What is the effect of deferred tax asset and deferred tax liability on the current year’s income tax…

A: Deferred tax assets and deferred tax liability arises because of the timing differences of the…

Q: nonmonetary?

A: Nonmonetary items are the items that are subject to change in value over a period of time. These…

Q: What aree the procedures in the computation of gross taxable income and tax due in the situation or…

A: Compensation is the income which is earned by the person from the employment work means the…

Q: If the current tax expense is greater than the total income tax expense during the period, there…

A: Total income tax expense is the expense which are payable by the taxpayer which has not been…

Q: Why is the income tax payable not the same as income tax expense

A:

Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

A:

Q: What is intraperiod tax allocation and why is it necessary? How is the income tax expense related to…

A: Income tax seems to be the amount of tax collected by the federal government on the earnings of…

Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: List expenses that will be deductible for normal or income tax purpose

A: The above question mainly deals with expenses that will be deductible…

Q: What is Deferred Tax Liability and why it might be created?

A: A deferred tax liability is the temporary differences which is created when there are differences…

Q: between refundable tax credits and non-refundable tax credits and which is more valuable

A: The amount of money that is allowed to be reduced from overall tax liability of taxpayer is known as…