The deferred income tax liability: a. Represents income tax payments that are deferred until future years because
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Question:
The deferred income tax liability:
a. Represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and tax accounting rules.
b. Is a contingent liability.
c. Can result in a deferred income tax asset.
d. Is never recorded.
e. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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