The last procedure (step) in the computation of deferred income taxes is to
a. reduce deferred tax assets by a valuation allowance if necessary
b. identify the types and amounts of existing temporary differences
c. measure deferred tax assets for each type of tax credit carryforward
d. measure the total deferred tax asset (liability) using the appropriate tax rate
Ans: a. reduce deferred tax assets by a valuation allowance if necessary
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The IRS does NOT have to furnish the taxpayer with information concerning which of the following items?
A. The IRS collection process B. The refund claims process C. The way the taxpayer's return was selected for audit D. The procedures for appealing an IRS ruling E. All of these choices must be provided to the taxpayer
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