Assume that you go to work for one of the large accounting firms upon your graduation from college and that for your first assignment, you are asked to review the deferred income tax asset account to determine whether a valuation allowance seems to be warranted. You remember talking about deferred income taxes in your intermediate accounting class, but the problems always told you whether an allowance was required or not. Now you must examine the facts to help determine the need for an allowance. What factors would you consider in making your recommendation?