Differences between pretax accounting income and taxable income were as follows during 2021:

                                                                    ($ in millions)
Pretax accounting income.....................................$ 300
Permanent difference...............................................(24)
.....................................................................................276
Temporary difference...............................................(16)
Taxable income......................................................$ 260

The cumulative temporary difference as of the end of 2021 is $40 million (also the future taxable amount). The enacted tax rate is 25%. What is the deferred tax asset or liability to be reported in the balance sheet?