TB MC Qu$.14-74$ Which of the following...

Which of the following is not a proper description with respect to the financial accounting and reporting of income taxes?

Multiple Choice

An originating temporary difference will eventually create a reversing temporary difference.

A permanent difference does not create a deferred tax asset or liability.

A net operating loss carryforward does not have any impact on income tax expense for the year the loss occurs.

Income tax expense changes during the year that future tax rate increases are enacted.