Worksheet_seven - c) Does Disney have a valuation allowance...

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Tax Research Worksheet #7 S p r i n g 2 0 1 0 Due: April 12, 2010 S c h m i t t 15 points Using the October 3, 2009 Walt Disney Company Financial Statements (available on their webpage), answer the following questions: 1) a) How much is Disney’s provision for income tax expense for FY 2009? b) Of their FY 2009 provision for income taxes, what portion is current expense and what portion is deferred expense? 2) How much did Disney actually PAY in income taxes during FY 2009? 3) a) What was the U.S. federal statutory tax rate applicable to Disney for FY 2009? b) What was the effective tax rate in 2009 for Disney? c) Analyze the effective tax rate reconciliation and explain why the effective tax rate was different than the statutory rate? 4) a) For FY 2009, how much did Disney reported as: (1) gross deferred tax assets; and (2) gross deferred tax liabilities? b) Where on the balance sheet were these items reported?
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Unformatted text preview: c) Does Disney have a valuation allowance for their deferred tax assets? Why? d) Identify two of the items listed as giving rise to deferred tax assets . What difference in the accounting of these items for book and for tax purposes resulted in a deferred tax asset? e) Identify two of the items listed as giving rise to deferred tax liabilities . What difference in the accounting of these items for book and for tax purposes resulted in a deferred tax liability? 5) Consider Disneys discussion of their unrecognized tax benefits. a) What is the balance of their unrecognized tax benefits at the end of FY 2009? b) If every one of the unrecognized tax benefits was decided in Disneys favor, how much would their book tax expense be reduced? c) Why is the answer to 5(a) different than the answer to 5(b)?...
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This note was uploaded on 08/25/2010 for the course TAX 6845 taught by Professor Kelliher,c during the Spring '08 term at University of Central Florida.

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