The following information is given

a) Excess tax depreciation over accounting depreciation, $72,000.

b) The rental income on the tax return is greater than the rental income on the financial statement by $14,000.

c) The warranty expense on the financial statements exceeded the warranty expense on the tax return by $7,000.

 What is a deferred tax asset?

 What is the deferred tax obligation?

Answer rating: 100% (QA)

A deferred tax asset and a deferred tax obligation are both related to the concept of deferred taxes which arise due to temporary differences between ... View the full answer