The income tax footnote to the financial statements of FedEx Corporation follows. a. What is the amount
Question:
The income tax footnote to the financial statements of FedEx Corporation follows.
a. What is the amount of income tax expense reported in FedEx's 2013, 2012, and 2011 income statements?
b. What percentage of total tax expense is currently payable in each year?
c. One possible reason for the \(\$ 968\) million deferred tax expense in 2012 is that deferred tax liabilities increased during that year. Provide an example that gives rise to an increase in the deferred tax liability.
Transcribed Image Text:
$894 $1,109 The components of the provision for income taxes for the years ended May 31 were asfollows: ($ millions) Current provision (benefit) Domestic Federal State and local Foreign ...... Deferred provision (benefit) Domestic Federal State and local Foreign ...... $813 ..... 2013 $512 .... 86 170 175 768 (7) (42) 126 2012 $ (120) $79 80 181 141 947 2011 21 968 198 48 325 485 12 (9) 488
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Financial And Managerial Accounting For MBAs
ISBN: 9781618533593
6th Edition
Authors: Peter D. Easton
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