I. Listed below are items that are treated differently for accounting purposes than they are for...

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I. Listed below are items that are treated differently for accounting purposes than they are for tax purposes. Indicate whether the items are permanent differences or temporary differences. For temporary differences, indicate whether they will create deferred tax assets or deferred tax liabilities. (7.5 points) 1. Excess tax depreciation over accounting depreciation 2. Expenses related to tax-exempt municipal bonds 3. Estimated litigation expenses to be paid when lawsuit is settled in future year 4. Insurance proceeds from life insurance policy on officer (company is beneficiary) 5. Unearned rent revenue Temporary or Permanent Deferred Tax Asset or Liability I. Listed below are items that are treated differently for accounting purposes than they are for tax purposes. Indicate whether the items are permanent differences or temporary differences. For temporary differences, indicate whether they will create deferred tax assets or deferred tax liabilities. (7.5 points) 1. Excess tax depreciation over accounting depreciation 2. Expenses related to tax-exempt municipal bonds 3. Estimated litigation expenses to be paid when lawsuit is settled in future year 4. Insurance proceeds from life insurance policy on officer (company is beneficiary) 5. Unearned rent revenue Temporary or Permanent Deferred Tax Asset or Liability

Answer rating: 100% (QA)

Temporary or Permanent 1 Temporary ... View the full answer