2020-02-25 02:44 b. measure the total deferred tax liability for taxable temporary differences. c. measure the total deferred tax asset for deductible temporary differences and operating loss carrybacks. d. All of these are procedures in computing deferred income taxes.
Due to the fact that deductible amounts can arise in the future as a result of temporary differences at the end of the current year, the deferred tax consequences of these deductible amounts should be recognized as a deferred tax asset. deductible temporary difference deferred tax asset
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Deferred Tax Asset. Temporary differences are either taxable or deductible. Taxable temporary differences are those which result in a higher taxable income in future period and deductible temporary differences are those which result in a lower taxable income in future. A deferred tax asset represents the deductible temporary differences. deductible temporary difference deferred tax asset
Basically, temporary differences are thus defined to include all differences between the tax and financial reporting bases of assets and liabilities, if those differences will result in taxable or deductible amounts in future years. Deferred Tax Assets (Deferred Tax Liabilities) Deductible temporary differences give rise to deferred tax assets. A deferred tax assets arises If the carrying value of an asset is less than its tax base OR If the carrying value of a liability is greater than its tax base. A deferred tax asset is the deferred tax consequence attributable to deductible temporary differences. In other words, a deferred tax asset represents the increase in taxes refundable (or saved) in future years as a result of deductible temporary differences existing at the end of the current year. deductible temporary difference deferred tax asset A permanent difference is a difference between the tax expense and tax payable caused by an item that does not reverse over time. In other words, it is a difference between financial accounting and tax accounting that is never eliminated. An example of a permanent difference is a company incurring a fine. Deferred tax liabilities are recorded for taxable temporary differences while deferred tax assets are recorded for deductible temporary differences. The vast majority of the time, the deferred rent recorded is the difference between the straightline rent recognized for book purposes and the rent deductible for tax purposes (which is usually Deductible temporary differences. Deductible temporary differences are differences which cause the taxable income and hence income tax payable in current period to be higher than the accrual income tax. They result in deferred tax asset which is expected to be utilized in future periods to plug the difference between the lower taxable income Two types of temporary differences exist. One results in a future taxable amount, such as revenue earned for financial accounting purposes but deferred for tax accounting purposes. This may happen if a company uses the cash method for tax preparation. The second type of temporary difference is a future deductible amount.
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