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level: Income Taxes

Questions and Answers List

level questions: Income Taxes

QuestionAnswer
Current Tax Liability FormulaTax Return x Current Tax Rate
DTA/L FormulaTemporary Differences x Enacted Tax Rate
Total Tax Expense FormulaCurrent 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