Recognition of tax benefits in the loss year due to a loss carry forward requires:
a. the establishment of a deferred tax liability.
b. the establishment of a deferred tax asset.
c. the establishment of an income tax refund receivable.
d. only a note to the financial statements.
Ans: b. the establishment of a deferred tax asset.
You might also like to view...
A policy ________.
a. typically contains an ambiguous term b. is used when dealing with unstructured problems and nonprogrammed decisions c. specifically states what should or should not be done d. is a series of sequential steps a manager uses to respond to a structured problem
Shiyuan, while in the process of converting her group life insurance to an individual policy, dies. What happens to the claim her beneficiary submits?
A) It is paid under the new individual policy. B) It is paid under the old group plan. C) It is not paid by either policy. D) It is paid pro rata by both plans.