1. What are timing differences and how do they impact deferred taxes?
2. What is a deferred Tax Asset?
3. What is a deferred Tax Liability?
4. What is a tax loss carryforward? For how many years can you carry this amount back? For how many years can you carry this forward?
5. What is a valuation account? When would one be applicable to deferred taxes?
6. A company is using the Straight-Line method of depreciation for Financial Statement purposes and the Accelerated method for IRS purposes. Over the life of the asset, which method will result in MORE total depreciation?
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