In simple terms, deferred tax liabilities involve knowing that you will be paying taxes in the future as a result of activities in the current period. When is the money associated with deferred tax liabilities actually paid? Is it set aside when the liability is accrued or is the cash for paying the deferred taxes used out of cash from operations at the time the liability comes due? What is 1 reason why someone would not report these future tax liabilities at their present value since their payment is often far into the future?