Codification_19 - DILASHADIXIT CodificationChap19 March29,2012 CE19.1.Accesstheglossary(MasterGlossary)(a) refundable(orsaved)

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DILASHA DIXIT Codification Chap 19 March 29, 2012 CE19.1.     Access the glossary (“Master Glossary”) to answer the following. (a)   What is a deferred tax asset? A deferred tax asset is the increase in taxes  refundable (or saved) in future years as a result  of deductible temporary differences existing at  the end of the current year. The deferred tax  consequences are attributable to deductible  temporary differences and carry forwards. A  deferred tax asset is measured using the  applicable enacted tax rate and provisions of the  enacted tax law. A deferred tax asset is reduced  by a valuation allowance if, based on the weight  of evidence available, it is more likely than not  that some portion or all of a deferred tax asset  will not be realized. (b)     What is taxable income? Taxable income is the income for tax purposes, determined according to the Internal Revenue  Code (the tax code). It is measured as the excess of taxable revenues over tax deductible  expenses and exemptions for the year. (c)  
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This note was uploaded on 04/03/2012 for the course ENG 317 taught by Professor Alexlee during the Spring '12 term at University of Maine Orono .

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Codification_19 - DILASHADIXIT CodificationChap19 March29,2012 CE19.1.Accesstheglossary(MasterGlossary)(a) refundable(orsaved)

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