A deferred tax liability represents the increase in taxes payable in future years as a result of a taxable temporary differences

Research and development costs

a. are intangible assets. b. may result in the development of a patent. c. are easily identified with specific projects. d. all of the above.

Which of the following statements about Section 401(k) plans is true?

A) Elective salary deferrals to these plans are free of federal income taxation until the funds are actually withdrawn. B) These plans are exempt from rules that prevent discrimination in favor of highly compensated employees. C) There is no limit on the actual percentage of salary that can be deferred by highly compensated employees under a qualified plan. D) If an employee takes the funds made available to him or her in cash, the money received is not taxable.