Access the 2015 financial statements and related disclosure notes of Ford Motor Company from its website at corporate.ford.com.
Required:
1. In Note 21, find Ford's net deferred tax asset or liability. What is that number?
2. Does Ford show a valuation allowance against deferred tax assets? If so, what is the number, and what is Ford's explanation for it?
3. Does Ford have any NOL carryforwards? What is the amount of any carryforward, what deferred tax asset or liability is associated with it, and what effective tax rate does that imply was used to calculate its deferred tax effect?