level: Income Taxes
Questions and Answers List
level questions: Income Taxes
| Question | Answer |
|---|---|
| Current Tax Liability Formula | Tax Return x Current Tax Rate |
| DTA/L Formula | Temporary Differences x Enacted Tax Rate |
| Total Tax Expense Formula | Current Tax Liability + Deferred Tax Liability - Deferred Tax Asset |
| Permanent Differences only affect the ??? period, they (do / do not) affect future periods. | Current ; Do Not |
| Permanent Differences Include (3) | Deductible, Nondeductible, and Special Tax Allowances |
| Operating Loss Rules: | 2018-20: 100% deductible back 5 yrs, forward unlimited time 80% 2021+: NO CARRYBACK, limited to 80% carryforward unlimited time |
| Under GAAP, if it is more likely than not that a part or all of DTA will not be realized, a ??? should be recognized to reduce DTA. | Valuation Allowance |