The deferred income tax liability a. represents income tax, Ask an Expert

Accounting

The deferred income tax liability:

a. Represents income tax payments that are deferred until future years because of temporary differences between GAAP rules and tax accounting rules.

b. Is a contingent liability.

c. Can result in a deferred income tax asset.

d. Is never recorded.

e. Is recorded whether or not the difference between taxable income and financial accounting income is permanent or temporary.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9417734

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